Duterte adviser to small business owners: Don’t use family savings as new working capital

Presidential adviser on entrepreneurship Jose Ma. “Joey” Concepcion on Thursday advised small entrepreneurs not to tap their family savings to keep their COVID-19-hit businesses up and running once the lockdown measures are eased.

In an interview on Dobol B sa News TV, Concepcion said the working capital of micro, small, and medium enterprises were already depleted and it will be a challenge for them to replenish funding since many banks may reduce their risk exposure amid the crisis.

However, he said, that it may be best for small businesses to let go of their employees and close shop instead of using their own or their family’s hard-earned savings.

“Kung naubos na ang working capital ninyo 'wag niyong ubusin ang family savings ninyo,” Concepcion said.

“I know we want to keep our employees, if we can afford, but at a certain point in time kailangan bitawan na rin ‘yan kasi baka ikaw maging mas mahirap kayo at sayang mga pinagkatiyagaan mo all these years,” he added.

Concepcion reiterated that the economy cannot afford another large-scale lockdown as he emphasized the need for massive rapid testing.

The presidential adviser is spearheading the Project ARK (Antibody Rapid test Kits), a private sector initiative that promotes mass testing as part of a comprehensive strategy to reopen the economy after the lockdown.—AOL, GMA News