The impact of COVID-19 on the economy has paralyzed the whole world and the islands of the Philippines are not an exemption. This is where most of the people reside. In light of this event, what is the government doing during the COVID-19?
Additionally, like any other 3rd-world country that have been impacted by this devious virus, the Philippines was not ready. Who would have thought this thing would happen? The number of people acquiring the diseases has grown like wildfire in just a week.
In fairness to this, the Philippine government had done its best to provide precautionary measures. The first measure that they have done was when they have implemented the first stance of Enhanced Community Quarantine last March 16, 2020. This undertaking has disturbed a lot of unprepared industries including the manufacturing and the servicing companies. As such, the shared services companies have tested the procedure of work from home system which has struggled many who could not provide types of equipment.
Nevertheless, the government has focused on the 3 fundamentals structure to reinforce the need of the people.
As a result, the government has done its best to provide emergency assistance to the most affected sectors in the community. Well honestly, a lot of people were not reached. The reality, the government can not fully support every affected sector. A lot of the areas in the outskirt of Metro Manila has not received the support.
Survival Measures first trance
- Assistance during the Enhance community quarantine
- Emergency subsidy program amounting to P 346 B
- Other form of cash and in kind assistance, specially to vulnerable sectors
In addition, out of the government’s inability to provide facilities, they have tried their best to secure facilities and resources for health sectors and frontliners. Even the private sectors have created different strategies such as doing donation drive.
Monetary and Fiscal Policies.
Not only that, they have extended fiscal policies by extending deadlines of applicable government requirements. This includes tax renewals, payments of common bills from private sectors.
Apart from this, they have also introduced cutting overnight lending rates to 2.75%. The banks have also participated by cutting the reserve requirements to 14% to 12%. The Banko Sental ng Pilipinas has provided a standby credit to National Government to P 300 billion.
- Temporary bridging loans for medium and small business sectors
- Waiving of fees and charges and other friction cost
- Wage subsidies
- Other sectoral measures
The very controversial assistance was the introduction of social amelioration pay amounting to P 260 billion from government savings.
Giving is the Best Policy
The truth is even among these efforts the government cannot sustain the need of each and every Filipino. They cannot, I am sorry. As a result, we can see the private sectors including those individual groups have created humanitarian drives. The following organizations were seen in the social media who have conducted donation drive to several areas in Metro Manila. This work has inspired a lot of Filipinos to conduct their drive to help other people around the world.
Here are just some of the groups and individuals whom we have shown care to those who are in need. (This is not a paid ads)
In the end, whatever the government is doing during COVID-19 their goal is to at least provide us on what they could sustain. Meanwhile, what can we do while we are on lockdown? Business opportunities online have emerged. I believe this would be the next business model we can adapt. As Rex Mendoza said, “You never control the weather, you control the ship”.
Whatever is happening to us, we trust that everything will come to an end. We may experience a lot of tose and fro of the waves of difficulty, we trust that there is a higher being up there who can see our afflictions, we just have to trust Him.
But blessed is the one who trusts in the Lord,
whose confidence is in him.
8 They will be like a tree planted by the water
that sends out its roots by the stream.
It does not fear when heat comes;
its leaves are always green.
It has no worries in a year of drought
and never fails to bear fruit.”
Hi, my name is Jack Marbida, I am a financial advisor from Sun Life Financial for over 4 years now. My goal is to help thousands of Filipino people understand and embrace the spirit of financial preparation through our program, “Financial Freedom”. I know you need help but you just don’t know where to start. Allow me to help you establish a brighter future. Click here for more information. Check what I have been doing here.