BusinessNews

FAB firms getting by despite pandemic

0

LOCATORS at the Freeport Area of Bataan will bounce back and will be able to handle Covid-19 economic shocks. This was revealed by Administrator Emmanuel D. Pineda of the Authority of Freeport Area of Bataan (AFAB) in a recent interview with Manila Bulletin business reporter.

He said of present time no closures are reported in FAB. “The enterprises are getting by despite being significantly affected by the pandemic due to lower number of orders as most of the foreign countries they are exporting to such as the U.S., are still in some sort of lockdown,” Pineda said.

He admitted though that some companies have officially retrenched personnel, some had personnel on forced leave, while others are rotating their personnel “so that everyone can still have income.” Pineda said exports from AFAB declined by 23.69 percent following weak global demand that caused temporary closure of some firms and the retrenchment of at least 18,000 workers.

He added that despite the long lockdowns the FAB locators were able to complete 8,586 export transactions amounting to $351.151 million from January to end August this year or 23.69 percent lower compared to $460.446 million worth of exports in the same period last year.

Barangay Day of Prayer

Previous article

Think of your family

Next article

You may also like

Comments

Leave a reply

More in Business