(UPDATE) BIG business has heeded the call of President Ferdinand Marcos Jr. to avoid holding lavish Christmas parties.
Employers Confederation of the Philippines (ECOP) President Sergio Ortiz-Luiz said on Thursday many of their members have decided that instead of holding extravagant parties, they will give the money instead to their employees as additional incentives.
“A lot of our member companies will give the money to their employees as an additional benefit rather than spend it on extravagant parties,” Ortiz-Lutz said.
The ECOP, which has more than 600 members, is the umbrella organization and single voice for the entire business community on important national issues related to employment.
But Ortiz-Luis said that the same could not be done by small establishments which comprised more than 90 percent of businesses in the country.
Records show that 99.6 percent of companies in the Philippines are micro, small and medium enterprises (MSMEs) but they contribute 30 percent to the country’s gross domestic product and 60 percent to job generation.
The president’s call to avoid lavish Christmas parties was in “solidarity” with victims of the series of typhoons that devastated a wide swathe of Luzon, including Bicol, the Cordillera Administrative Region and Cagayan Valley.
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