Philippine private sector response, strategies, and state-business relations toward economic recovery and growth post-COVID-19

Abstract

The Philippines was among the fastest-growing economies averaging within the 6.5 percent GDP growth in the past five years. However, the COVID-19 crisis brought major disruptions to the Philippine economy as growth, employment, and overall productivity fell into recession levels along with the declaration of a nationwide lockdown. As the pandemic resulted in a series of business closures, supply chain breakdowns, and massive job cuts, the private sector was forced to confront the challenges brought by the pandemic including its threat to business continuity and survival. This article presents the private sector's assessment of the pandemic's impact on the Philippine economy along with their views on the national pandemic response and the extent of public-private collaborations in countering the effects of COVID-19. Following the insights and experiences shared by industry leaders and other corporate executives, this article also discusses pivots in corporate strategy along with a significant shift in corporate mindset toward new ways of doing business and fulfilling their responsibilities in society.