CAGAYAN DE ORO

36 companies in Northern Mindanao permanently closed

THE National Economic and Development Authority (Neda)-Northern Mindanao has recorded 36 companies in the region that permanently declared closure, of which 24 are in Cagayan de Oro.

Neda Regional Director Mylah Faye Aurora Cariño said that 205 companies in the region have also reported to the Department of Labor and Employment (DOLE) that they have retrenched or reduced their workforce, 136 are from Cagayan de Oro City.

"I fear nga basin og understated ni because naa may pipila nga wala pa nakapag-report sa DOLE. That's why DOLE, ilang gipakusog ang ilang advocacy nga sana ang atong mga kompanya maka-report sila sa DOLE kung sila nanira o kung sila nag-reduce sa ilang workforce," Cariño said.

The Securities and Exchange Commission (SEC), Cariño further said, were able to receive requests for registration from 79 stock corporations and one-person corporations from May to July. All of them have been registered.

The Neda regional director said most of these corporations belong to the construction and real estate sectors. There are also some in the sectors of food and agriculture, trade, merchandise and services.

Most of the recently registered companies are those that sell PPEs and most of them are one-person corporations.

Cariño said the most affected enterprises in the region are tourism-related establishments.

As estimated by the Neda, the income loss of the tourism sector between March and May is around P1.2 to P1.4 billion, while the Department of Tourism (DOT) recorded an income loss of P1,248,584,059 of the same period.

The DOT has also registered a total of 15,519 displaced workers in the tourism sector.

"But we also learned from the DOT nga ubay-ubay napud ang nag-abri sa atong mga tourism-related establishment but of course reduced ang ilang capacity to around 50 percent and strict ang ilang health protocols," Cariño said.


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