AS THE local economy has yet to recover due to the adverse effects of coronavirus disease (Covid-19) pandemic, a business leader said barter is a "very good" platform for people to conserve cash.
Frank Carbon, chief executive officer of Metro Bacolod Chamber of Commerce and Industry (MBCCI), said almost 90 percent of the local businesses are already allowed to operate.
However, most of these establishments are only utilizing about 50 percent of their workforce.
Carbon said it is normal for the business sector to control its fixed cost including manpower, rent and utilities, among others.
"In short, the businesses, as well as consumers have very low purchasing power thus, barter will enable us to conserve our cash which is needed during this time," he said, adding that "people should spend their cash to what are the basics."
A virtual barter community has been thriving in Bacolod City and other localities in Negros Occidental amid the Covid-19 pandemic.
It is found earlier in May that the province's capital city is now connecting thousands of people across communities.
As of May 25, the Bacolod Barter Community already has at least 130,000 active members. Also, it has been replicated in various towns, cities and provinces in the country.
There, items are being exchanged for anything whether food or non-food products.
Meaning, the medium of exchange are items and no cash is allowed. Buying or selling is strictly prohibited.
Its founder Jocelle Batapa-Sigue earlier told SunStar Bacolod that barter as a traditional activity has become more inspiring today since there is a need to create innovative solutions to the adverse effects of the quarantine.
The pandemic has triggered a mode of exchange of goods and services to resurface and now been resurrected with a more meaningful dimension, triggering the Filipino "bayanihan" spirit of giving, she added.
As this developed, the MBCCI is urging the public to barter the items that they no longer need to something they need these days like rice and other food.
Carbon said "whatever you have that can be bartered will conserve your cash" because what is in now is cash gain not cash out.
The business leader also said that if people have idle assets, these could also be converted to cash.
"Then whatever cash you have, hang on to it. Also, stretch your budget because the income now of the families and even corporations will not be the same during pre-Covid," he pointed out.
Carbon stressed that "ensuring cash reserve is needed as the economic storm has yet to land fall and what we are feeling now are just strong winds and mild rains."
"The real typhoon will be felt when the subsidy, amelioration and other assistance from the government stop," he added.