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When the term “family business” pops in a conversation, we tend to conjure an image of a small- or mid-sized business that has been handed down from one generation to another, much like an inheritance. Although some of these family-owned firms fit this description, such notion is not broad enough to encompass the major role of family businesses in boosting growth in the global economy.

The disruptions caused by the COVID-19 pandemic on daily business operations are undeniable. Due to the guidelines placed by the government to quell the spread of the virus, businesses implemented work-from-home arrangements and virtual meetings were favored over face-to-face collaborations with colleagues and clients.

AS the coronavirus disease 2019 (Covid-19) pandemic continues to push both the public and private sectors to embrace digital transformation, public institutions as well as companies are stepping up their game in innovative ways. These include investing in efficient network systems, cybersecurity programs, remote devices and automated health systems all of which aim to improve people experience.

THE world is no stranger to disease outbreaks. Governments have borne the brunt of stemming the spread of communicable diseases throughout the years. Some of the most disastrous outbreaks that have obliterated huge portions of the world’s population include the Bubonic Plague, the Asian Flu and the Spanish Flu, the last one claiming hundreds of thousands of lives. As the Philippine government continues to wage war against an invisible enemy and to quell the spread of the Covid-19 virus through lockdowns and travel restrictions, the economic impact of the pandemic has left many businesses on the brink of shutting down operations.

BEFORE the pandemic unexpectedly hit, holidays meant a time when people went on staycations and resorts were filled with families looking to have a good time, sipping drinks by the pool or wading at the shore of a beachfront. Both foreign and domestic hospitality industries were booming since virtually everyone had easy access to accommodation discounts and promos.

THE global economy has had its fair share of a rollercoaster ride last year. The onset of the coronavirus disease 2019 (Covid-19) pandemic was swift and in a short span of time, economic projections took a turn for the worse. The effects of the Covid-19 pandemic left companies spinning in a downward spiral in an instant, all looking at a fast solution to keep operations up and running amid the imposition of health protocols and the necessity of employing remote transactions. The unforeseen impacts of the outbreak tested the resiliency of firms and their ability to adapt to changing situations.

DESPITE the onslaught of the coronavirus disease 2019 (Covid-19) pandemic, which affected global economies, Southeast Asia remains home to some of the growing economies expected to recover the fastest. The region is still considered to be a hotbed for foreign investments. Home to countries including Brunei, Cambodia, Indonesia, Laos, Malaysia and the Philippines, economic experts and analysts see great potential for the region to become an economic powerhouse in Asia despite the setbacks brought by the health crisis.

A year earlier, at the onset of the coronavirus disease 2019 (Covid-19) pandemic, the overall picture for global financial markets looked grim. Economies were left reeling from the impacts of the pandemic, with various industries recording significant decline in revenues. Several disruptions in supply chain processes as well as the imperative to prioritize a new work setup only added salt to the wound already sustained by businesses which struggled to stay afloat during the new normal.