Economics
Tycoon Sy Urges Restart of Philippines as 1 Million Jobs Cut
- About 42,000 establishments shuttered by lockdown to month-end
- More than 11,000 Filipinos working overseas have returned
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The Philippines should gradually reopen the economy and allow businesses to operate at 50% capacity to save jobs, according to Teresita Sy-Coson who helps run an empire ranging from banking to retail under SM Investments Corp.
More than 1 million workers were affected by temporary closures, prompting 98% of almost 42,000 establishments to seek assistance for their employees, the Labor Department said in a statement on Sunday. About a quarter of those displaced are in the capital region, it said.