LOCAL business group Metro Bacolod Chamber of Commerce and Industry (MBCCI) has suggested measures to the government to contain the adverse effects of coronavirus disease (Covid-19) to the business sector, its official said.
Frank Carbon, chief executive officer of MBCCI, said the prevailing epidemic will definitely have an economic fallout.
Carbon said "yesterday, we're wary and worried. Today, we're in a panic mode."
It is good that the local and national governments are beefing up their health care system, he said, "but, epidemic of this scale, the government must take measures to help contain the volume of business failures."
Due to the health crisis which the country is facing now, the local business group said overseas Filipino workers (OFWs) will lose jobs.
Other impacts include slowdown of tourism receipts, business process outsourcing (BPOs) operations might contract, and constructions will be held off.
Carbon said local and national governments should unveil a package of measures that will keep the enterprises robust.
For local government units (LGUs), he said it should promulgate anti-panic buying or hoarding ordinance, prepare an ordinance localizing price freeze law, and non-implementation of business and real estate tax increases this year.
On the part of national government, national government agencies and government owned and controlled corporations, Carbon said there should be a moratorium on payment of all types of loans particularly for the Social Security System (SSS), PhilHealth and Pagibig.
"The Development Bank of the Philippines and Land Bank of the Philippines should also restructure loan repayment schedules to a longer repayment terms," he added.
MBCCI is suggesting to the Department of Labor and Employment (Dole) that all small and medium-sized businesses be allowed to conclude salary structure arrangements lower than the current minimum wage provided there will be no termination of regular employees.
Also, they suggested that the Bureau of Internal Revenue (BIR) should extend the deadline of filing of the 2019 Income Tax Return (ITR) to May 15, 2020 without penalties and surcharges.
"Every effort must be exerted to prevent the virus problems from being compounded by a string of local business closures," its official said.