The fourth quarter of 2022 will be crucial for the country's micro, small and medium enterprises, and the economy, Go Negosyo founder Joey Concepcion, who is also the Private Sector Advisory Council lead for Jobs, said.

Concepcion is urging that mobility be maintained to ensure that the country's economic recovery does not stall, especially during the holiday season when consumer spending is expected to be at its peak.

"We need people going out," he said. "If people do not spend, this will affect our economy. How will we attain the growth target that is needed to maintain our credit rating?" he said.

"The last quarter, beginning this October, is crucial for our MSMEs," stressed the Go Negosyo founder.

Concepcion said the external factors that are threatening to weaken consumer spending are beyond the government's control. "We cannot control rising prices and rising interest rates. External factors like the conflict in Russia and Ukraine are now affecting all of us," he said.

Covid rampage slows business

He recalled that in 2021, the private sector cooperated in a strategic lockdown that prevented the spread of Covid and ensured mobility during the holiday season. But unlike then, when increased vaccination rates helped open up the economy, there is nothing that the Philippines can do about the US attempt to tame inflation in their country by raising interest rates, or if and when the conflict between Russia and the Ukraine will end.

"It's a different situation," he said. "We are facing strong headwinds, but there are things that can help us sail through and come out with a strong economy by the first quarter," he said. "Hopefully OFW remittances will continue to buoy the economy, seeing that already the strong dollar is adding ten percent to the value of dollar remittances," he said.

However, Concepcion pointed out, MSMEs are still bound to feel the impact of rising prices in goods and commodities.

"What we can control is our own willingness to keep businesses active," he said. "There are actions that can be taken to mitigate the effects of rising prices so that the economy remains active throughout the holiday season."

First is the continued vigilance against the virus, especially now that students have returned to in-person classes and outdoor masking rules have been relaxed. "Although the pandemic is now pretty much under control, we must continue to be vigilant," he said.