CEBU CITY – The Cebu Chamber of Commerce and Industry (CCCI) said while most businesses have resumed their operations, low consumer confidence and spending activity remain a challenge.
CCCI President Felix Taguiam said they are working hard with the government to rebuild consumer confidence amid the slowdown in the economy since last year due to the Covid-19 pandemic.
Taguiam expressed optimism about Cebu’s gradual business recovery while many establishments are still reeling from the economic slowdown. “About 80 percent of our member businesses are already open. But the strong consumer confidence and spending are still not there,” he said.
While most businesses have been affected by the pandemic, Taguiam urged the business community to move forward and reboot as much as possible to adapt to the changing times. “There is no such thing as going back to (the) old norm already. We have to move forward. We have to restart. Businesses have to live with Covid-19. Covid caught all of us off guard. No business was ever prepared for this. We were all caught flat-footed,” he said.
Taguiam underscored the need for businesses to reboot and repurpose their operations to survive these challenging times, noting the increased adaption of the business community to the digital space as consumer trends shift to online platforms.
Such a trend, he added, is going to
support the economic recovery of businesses here as they find ways to reach out
to their markets in the pandemic era. (Carlo
Lorenciana)
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