Social enterprises also hit by COVID-19 pandemic

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Metro Manila (CNN Philippines, August 14) — Social enterprises in the country are also suffering from the slowdown in business caused by the ongoing health crisis.

Sixto Donato Macasaet, executive director of the Foundation for a Sustainable Society, Inc., told CNN Philippines’ Newsroom Ngayon Friday that more than half of its partners all over the country either had to fully or partially stop operations due low revenues as a result of the COVID-19 pandemic.

FSSI is a sustainable resource institution that provides assistance to businesses with social objectives through loans, equity investments, and capacity building services. It had 80 partners before the pandemic forced many of these social enterprises to either scale down their business or totally close shop.

Macasaet said business began to improve in May, especially for ventures involved in agriculture, food health, information and communication technology, as well as online businesses.

With the pandemic still pulling down the economy, Macasaet advised business owners to find creative ways to survive the crisis. However, he said it was best to consider reducing manpower as a last resort since employees add value to any business.