A survey by financial literacy advocacy group, The Global Filipino Investors (TGFI), has found that the pandemic is driving more Filipinos into entrepreneurship to support their households, even those who are still keen on keeping their day jobs.
Of the over a thousand respondents, mostly based in the Philippines, 64 percent of employed people tried to launch a new business while staying in their current jobs. About 45 percent have gone into online selling while 14 percent tapped opportunities in freelancing.
TGFI expects these numbers to go up as 18 percent of respondents said they lost their main sources of income during the pandemic.
Asked about the challenges cited by respondents in setting up new businesses, TGFI founder and president Floi Wycoco, a former overseas Filipino worker, said that education was still a major challenge for those just starting to go into business. Another challenge is adapting to a digital marketplace.
Furthermore, building a network was easier when aspiring entrepreneurs could meet in person to share wins and other insights, Wycoco added.
Overall, the pandemic has been an “incredible and sustained learning experience” that compelled people to become more resourceful and creative with new ways of generating income, the survey suggested.
Hundreds of millions all over the world have been affected by the Covid-19 pandemic. In countries where the government response has been inadequate, the economic effects have been magnified. It is not surprising that many Filipinos have turned to entrepreneurship to support their households, especially as jobs were lost, incomes drastically reduced, and job security disappeared.
These new entrepreneurs will need their government to help them get back on their feet or grow their budding businesses as they do their share in reviving what is left of the economy as soon as recovery from the pandemic is finally within grasp.*