If there’s a rising tide that lifts all boats, there may also come a time, no matter how rarely, that a tsunami may wreak havoc on anything on its path.
The coronavirus pandemic is one such cataclysmic event. While the human race is no stranger to pandemics, the world has never been as interconnected as it is today, which is why the scale and speed of contagion have been unprecedented.
We have seen how this contagion, which prompted the Philippine government to impose the longest and harshest lockdown protocols in the world, dragged the local economy to its worst recession in history, bludgeoned even some of the biggest and most stable enterprises and resulted in record job losses. Assuming an economic contraction of 10 percent in 2020, including the impact of foregone growth of at least 6 percent this year, the economic damage arising from COVID-19 this year will be a whopping P3.2 trillion.
Sifting through the rubble of this challenging year, these are some of the industries that not only survived, but thrived during this pandemic despite the lockdown restrictions imposed by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) Resolution to curb COVID-19.
1. Food manufacturing
2. Grocery stores
3. Telecommunications/broadband service
4. Sin products: Liquor and tobacco
There are sectors that have been affected by the lockdown but still showed big improvements in the third quarter. For instance, work-from-home arrangements boosted demand for appliances and kitchen upgrading equipment, allowing listed home improvement retailers Wilcon Depot and AllHome Corp. to rebound strongly after the shutdown of stores in the second quarter. Outside the publicly listed companies, vendors of computers and gadgets have benefited from higher demand for devices needed to pursue work-from-home or online schooling requirements.
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