Whatever rosy growth prospects companies may have had for 2020 were quickly
thrown out the window when the threat of Tthe coronavirus disease 2019 (COVID-19)
pandemic became apparent.

Prior to the COVID-19 pandemic, it appeared to be another growth year for firms, and for good reason. The consolidated financial statements of the country’s top 200 firms showed
a combined gross revenue of P11.25 trillion in 2019. This was 7.5% higher than in 2018 as well as last year’s 6.9% gross domestic product (GDP) growth based on current prices.