2 weeks ‘New normal’: Businesses seen shifting to digital as gov’t scour ways to tax them Inquirer
MANILA, Philippines --- How would the "new normal" amid the COVID-19 pandemic look like as far as the economy is concerned? For the fiscal sector, it would mean the government borrowing more to finance over a trillion pesos in budget deficits during the next three years as higher spending, especially on healthcare and social welfare, will outpace expected weak tax and non-tax revenues. As for businesses, the COVID-19 crisis would push them to change strategies and instead focus on food and medical equipment production while building their digital presence as more consumers increasingly turn to cashless transactions. This, while the ... more