COVID-19 Impact on Micro, Small, and Medium-Sized Enterprises under the Lockdown: Evidence from a Rapid Survey in the Philippines

Shigehiro Shinozaki and Lakshman N. Rao
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Shigehiro Shinozaki: Asian Development Bank Institute
Lakshman N. Rao: Asian Development Bank Institute

No 1216, ADBI Working Papers from Asian Development Bank Institute

Abstract: The novel coronavirus disease, COVID-19, has brought significant change to people’s lives and business activities nationally, regionally, and globally. The Philippines took swift action—including enhanced community quarantine (ECQ)—to contain the pandemic and launched an emergency subsidy program with massive public spending to support disrupted households and businesses. The strict lockdown ran from mid-March to the end of May 2020 in the national capital region and high-risk provinces, causing huge economic losses. Six months after the March lockdown, the Philippine economy has moved to the recovery stage, but micro, small, and medium-sized enterprises (MSMEs) are continuing to confront a sharp drop in demand and revenue. We examine the initial impact on MSMEs of the ECQ and lockdown measures using evidence obtained from a rapid nationwide survey conducted from the end of March to mid-April 2020 and derive policy implications.

Keywords: COVID-19; economic crisis; economic impact; MSMEs; SME development; access to finance; SME policy; Philippines (search for similar items in EconPapers)
JEL-codes: D22 G20 L20 L50 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2021-02-08
New Economics Papers: this item is included in nep-ent, nep-hea and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (15)

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