| 31

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© Rappler

T he Philippines’ pandemic lockdown

is one of the longest, starting from
March of 2020 up until the present
time. Studies show that 75% of the
economy was shut down and the country
people panicked and avoided malls and
crowded areas. As a result, retail sales of
manufactures, transportation, and
services were affected and as well as our
tourism due to the sharp contraction in air
was confronted with a significant turbulent travel for tourists.
in the first half of 2020. The lockdown,
According to Joseph Anthony Lim (2020) in
which lasted from March 17, 2020 to May
his study, the decline in GDP growth in the
31, 2020, led in the highest unemployment
first quarter of 2020 from the supply and
rate and the largest drop in Philippine
production results were the following:
gross domestic product (GDP) in history.
industry fell by 3.4 %, manufacturing fell by
This was the first time in 22 years that their
3.8%, construction fell by 2.9%, agriculture
economy recessed. Philippines is also
fell by 0.3%, transportation, storage,
noted as one of the countries in ASEAN
communication fell by 11.4%,
that experienced negative growth in the
accommodation and food service fell by
first quarter and strong economic collapse
10.6%, and the net primary income fell by
in the second quarter of 2020.
5.9%.
On the first quarter of 2020, there is a
The Philippine Statistics Authority (PSA)
decline in GDP which is -0.7%. The Taal
said on August 6, 2020, that the GDP
Volcano eruption that happened on
declined by 16.5 percent year-on-year in
January 2020, affected transportation and
the second quarter (Q2) of 2020, the
agriculture in the surrounding areas. On
lowest quarterly growth since the series
this quarter, when the first local
began in 1981.
transmission of the COVID-19 happened,

For the first half of 2020, the GDP
decreased by 9%. Industry decreased by
13.5 percent, manufacturing fell by 12.5
percent, construction fell by 20.3%, and
services fell by 8.2 percent in the first
semester. Agriculture, forestry, and
|4
livestock are the only major sectors that
did not drop, owing to the pandemic's
severity on urban regions rather than rural
areas, however agricultural growth was
minimal.
 |5

In 2020, household final consumption stabilizing force for the Philippines

spending decreased 7.9% year-on-year, economy, remaining relatively constant in
while gross capital creation fell 34.4 2020, dropping only 0.8 percent year on
percent year-on-year. The transport and year and accounting for about 10% of GDP.
storage industry had a 30.9 percent year-
However, due to employment losses in
on-year drop in output in 2020, while the
their home countries, an estimated
lodging and food services sector saw a 45.4
400,000 Filipino workers were repatriated
percent drop. Exports of products and
in 2020, raising worries about the impact
services decreased 16.3 percent year over
on remittance flows in 2021. In the
year in 2020, reflecting the global trade
Philippines, remittances sent home by
recession.
workers constitute a major source of
Overseas worker remittances from domestic consumer expenditure.
Filipinos working abroad have been a key

© AFP
|5
|4

I ndustry and manufacturing, as well as
investments (construction and durable
equipment) and the trade sector, were
the greatest losers in the first quarter of
2020. However, the huge drop in demand-
side consumption growth was also a
significant sufferer. All of this points to a
significant drop in consumer and business
confidence and spending.
Furthermore, because travel is a key
contributor to the virus's transmission, the
tourism industry has come to a halt all
across the world. The Philippines is heavily
reliant on tourism for revenue production,
with an estimated loss of 0.68 percent of
GDP due to tourism in the worst-case
scenario.
International trade was also badly
impacted, resulting in a spillover effect
from Chinese supply interruptions to the
Philippines. As a result, the communication
equipment business was predicted to lose
115 million dollars due to supply
instability.
According to an article by Yu, et al. (2020),
the NCR is the country's political and
economic center. It contributes for 32.3
percent national gross domestic product
(GDP), despite occupying only 0.2 percent
of the country's total land area (Philippine
Statistics Authority, 2020). Manufacturing,
building, land transportation, water
transportation, air transportation, trade,
|8
finance, and private services are also
affected in the NCR.
In addition, as the labor force changed to
working from home and students shifted
to online learning, many sectors saw an
extraordinary increase in demand for their
services. During the lockdown, NCR has
had intermittent power interruptions
(Lectura 2020). Due to a network
congestion caused by the shift to
telecommuting and online learning,
Internet connectivity was also impacted.
In the healthcare sector, inoperability has
occurred for a variety of reasons, including
the fact that front-line workers are
constantly exposed to high viral loads and
hence have a proportionally larger chance
of getting COVID-19. Contracting the virus
can lead to absenteeism, which will result
in shortage of front-liners. Several
essential sectors that have remained open,
such as supermarkets, banks, and
restaurants, are facing similar challenges.
The biggest damaged sectors in the NCR
are trade, manufacturing, and private
services, which account for 29.19 percent,
18.03 percent, and 13.11 percent of overall
economic losses, correspondingly. The rest
of the Philippines’ (ROP) land
transportation sector and ROP agriculture
sector have both suffered major economic
losses as well.

HIGH RISK
MEDIUM-HIGH
MEDIUM
LOW-MEDIUM
LOW
However, to illustrate in a neat and
organized way based on numerous
references, the table above describes the
economic impacts due to COVID-19. Based
on the International Labour Organization's
(ILO) ranking, the industries are listed from
highest to lowest risk.
|9
Wholesale and Retail Trade, repair of
motor vehicles and motorcycles
Manufacturing
Real estate, renting and business
activities
Accommodation and food services /
Hotel and Restaurants and other
personal services
Transport, storage and communication
Tourism
Arts, entertainment and recreation, and
other services
Mining and Quarrying
Financial Intermediation
Construction
Agriculture, Forestry and
Fishing/Agribusiness
Utilities (Electricity, gas, water)
Human Health and Social Work
Table 1.
It is also important to note that other
affected sectors include the following:
Overseas Filipino Worker remittances,
household consumption, micro, small and
medium enterprises (MSMEs), and the
informal sector.
|4
|4
 | 12

M SMEs make up the majority of

enterprises in the Philippines.
The impacts of the COVID-19
pandemic sent businesses into a panic in
an instant, with everyone scrambling for a
quick fix to keep operations going despite
the enforcement of health protocols and
the need for remote transactions. The
outbreak's unanticipated consequences
put businesses' resiliency and ability to
adjust to changing circumstances to the
test.

Due to cash flow concerns, most

businesses have been forced to close and
lay off workers as a result of the enhanced
community quarantine (ECQ). MSMEs face
a variety of issues, including cash flow
difficulties that result in increased debt,
trouble financing overhead costs, and
supply chain disruptions. Several MSMEs
have taken advantage of certain chances
by taking their businesses online or via
deliveries.
According to the National Economic and
Development Authority (NEDA) survey,
nearly two-thirds of MSME respondents
reported no sales due to temporary
shutdown, particularly for non-essential
firms. Despite the scenario, 74.4 percent of
the businesses assessed did not lay off
employees, implying that businesses have
been enduring the losses.
During the ECQ, other firms (25.4%) made
temporary layoffs. Unfortunately, they
said that if the ECQ is extended for another
month, 80% of the responding businesses
will be unable to operate, and 31% do not
see a bright future for their business once
the ECQ is lifted.
|4
|4

Bernardo Busa of Barangay Jacinto Lumbreras, GMA in Cavite, one of the beneficiaries of the
government's Social Amelioration Program (SAP). © DSWD IV-A
T he health-care sector is also
involved in the economic recovery.
Many governments throughout the
world have established emergency
measures to help people affected by the
economic recession.
In the Philippines, the government has
implemented economic policies such as
Lax Monetary Policies and Increased Loan
Availability, and the Bangko Sentral ng
Pilipinas (BSP) has correctly followed
monetary policy throughout the pandemic
and lockdowns. The Lax Monetary Policy is
required in order to prevent problematic
debtor companies from collapsing due to
higher interest rates and tighter financing.
As a result of the pandemic, small firms
seek to short-term loans to supplement
their financial flow.
|4
The president signed the Bayanihan Heal
as One Act, the first Social Amelioration
Programs (SAP), into law, allowing the
executive branch to implement a P275
billion budget for the impoverished and
those who have lost their jobs and income
during the lockdown, which was supposed
to only last from March 17 to May 31,
2020.
According to the Philippines Economic
Update (PEU), the Philippines will recoup
in the next two years if virus transmission
is reduced further. Policymakers are
progressively permitting more sectors to
reopen, boosting private consumption and
recovering jobs and earnings. This will aid
the economy's recovery to 5.9% growth in
2021 and 6.0 percent growth in 2022.
Starting in the fourth quarter of 2020, the
government was projected to increase

infrastructure spending, resulting in
employment creation in the construction
industry.
The Board of Investments (BOI) initiated a
campaign in 2020 targeted at assisting
businesses and aiding them in their
recovery from the COVID-19 outbreak.
There are a variety of policies and
programs available, including information
on how firms can keep their goods and
employees moving across quarantined
areas.
Following the groundbreaking ‘Heal As
One' Act passed in March 2020, the
campaign is part of the government's
wider attempt to assist the country in
responding to and recovering from the
pandemic.
“We are constantly listening
and talking to businesses across
the Philippines in our efforts to
help them through these
difficult times. I am delighted to
offer this resource, and the help
of our dedicated business
specialists, both of which are
there to respond to the needs of
businesses, whatever problems
they may be having”
Ceferino Rodolfo
(Trade Undersecretary and BOI Managing Head)
The CREATE Act was another government-
sponsored approach. The CREATE Act
(Corporate Recovery and Tax Incentives for
Enterprises Act) was signed into law on
March 26, 2021. The Act's goal is to provide
tax assistance to enterprises in financial
| 16
distress, make tax rules more transparent,
and boost the Philippines'
competitiveness. The act lowers the
corporate income tax rate from 30% to
25% for large corporations and 20% for
smaller businesses.
Furthermore, the CREATE Act allows the
government to deliver performance-
based, transparent, and strategically
focused incentives. This, in turn, will
stimulate foreign investment in sectors
and businesses that are compatible with
the country's development objectives,
such as producing higher-value jobs,
expanding pioneer industries, and
encouraging investments in
underdeveloped regions.
Meanwhile, the Department of Finance
(DOF) is implementing the Small Business
Wage Subsidy Program to assist low- and
middle-income employees affected by the
ECQ. Employees in small firms who are
eligible will get a pay subsidy ranging from
PHP5,000 to PHP8,000 under this program.
Finally, the government's most prominent
plan is the establishment of the New
Normal lifestyle. In the case of businesses,
the government has provided options and
rules for how to operate in the event of a
pandemic. For example, under the new
normal, MSMEs will have a greater need
for business continuity planning and
capacity building (e.g., digital skills,
digitalizing operations, knowledge transfer
and information sharing, and mentoring) in
order to increase their resiliency to crises.
The growth of e-commerce is significantly
undeniable as online selling and shopping
seems to be the very best way to continue
operations for most shops, supermarkets,
and even restaurants.
| 12
| 19
 | 19

© My Computer Career

B usinesses are some of the hardest

hit sectors in the country, with
some of them temporarily
suspending operations and some even
ending with their closure. However, some
(WFH) arrangement is necessary for those
employees who are still needed to operate
the business, but are not necessarily
needed in the actual workspaces.
In terms of: 1) remote transaction
businesses in the country continued their
administration; 2) effective transportation
operations despite the threat of the
of goods; 3) easier availability of financial
pandemic, although not in the way that
services; and 4) interacting with new and
they were used to, hence, the new normal.
existing consumers, information
They used coping mechanisms that they
technology acts as a key solution for
deemed to be appropriate for the nature
businesses to adapt to the new normal.
of their business. The implementation of
Promoting MSMEs' digitalization can help
the skeletal workforce is one of them. This
them overcome some of the COVID-19
entails that only a few employees,
crisis' economic challenges.
preferably the most needed ones, at a
given time can go to their workspace for In the Philippines, digital finance is
their duty. Furthermore, this also meant boosting financial sector competitiveness
that the integration of a work-from-home and resulting in more access to money.

Steve Moriarty from Moriarty’s Gem Art © VoyageChicago
It's no surprise that Moriarty's Gem Art
opted to shift as well, given the huge
migration of enterprises from offices and
workspaces to online operations.
Moriarty's Gem Art's owners are from
Indiana, USA, and have been in the jewelry
business for over 40 years. They have three
great children, two of whom are now in the
jewelry business. They specialize in one-of-
a-kind custom luxury jewelry made from
precisely cut colorful gems and fine to ideal
cut diamonds. Their jewelry is more
desirable due to its cutting-edge quality
and innovative designs. Steve Moriarty,
the owner, gem cutter, and global traveler,
has visited a number of locations in search
of unique gems.
At Moriarty's Gem Art, innovation means
creating a live-streamed gem display. It
had been on the to-do list for 2019, but the
seven-person crew, which includes
Moriarty family members, couldn't find the
| 19
time to put on a show while managing the
1975-founded retail outlet. COVID-19, on
the other hand, transformed everything.
"About two weeks into the crisis,
we started doing live streams
through YouTube using YouTube
Studio software,"
Jeff Moriarty
(Son of Steve Moriarty)
The live streams were promoted on the
company's website, through e-mail, and
through social media. Over 1,000 people
watch the two-hour show, which airs every
other Wednesday. Throughout the
presentation, the Moriartys exhibit a
variety of stones from the company's
collection, as well as selling jewels online.
The episodes, which premiered in April, are
a spin-off of the company's pre-recorded
commercials, which featured Steve

Moriarty cutting, faceted, and polishing
diamonds while discussing his trips to
exotic areas like Tanzania and Madagascar,
where the company buys many of its gems.
He has canceled international visits due to
| 21
pandemic travel restrictions and is
focusing on supplies closer to home, such
as in Oregon, which is known for its
sunstone. "Live streaming has produced a
ton of sales," says Jeff Moriarty, who adds
that it has helped the company keep
connected with customers.
| 24
| 24

A s businesses struggle to grasp the
current threat and economic
impact of the Coronavirus or future
public health risks, we are all informed of
how infectious disease outbreaks are
unlike other operational consequences in
terms of volume and length.
Pandemic dangers demand coordinated
scenario planning across business
functions, supply networks, employee
health, counterparties, investment credit,
and lending portfolios. Pandemic forecasts
and outbreak responses must be updated
on a regular basis, with new cases added as
needed, resulting in new projections and
response strategies.
“In the face of public health
threats, from outbreaks to full-
blown pandemics, the Financial
Enterprise faces operational,
financial, and employee
| 24
© Pakistan & Gulf Economist
protection risks. It’s a triple
whammy.”
- Marie Giangrande
(Writer at Everbridge)
The banking sector is also impacted, albeit
primarily indirectly. Although banking
services can be offered remotely and
without direct client contact, the sector's
connection to the real sector as a source of
payment, savings, credit, and risk
management services extends the Covid-
19 crisis' detrimental impact to banks and
other financial organizations.
Simultaneously time, the banking industry
has a responsibility to play in assisting
businesses and people during this period
of significant losses on incomes, which has
prompted financial regulators and
governments to take significant regulatory
initiatives. Banks have been urged to
support government-led initiatives that
provide emergency finance or stand-by
liquidity through loan guarantees.

Banking vulnerabilities, such as credit
mismanagement, credit losses, and
perhaps bank collapse, are increasing as
corporate and household debt levels rise.
The pattern of central banks reducing
interest rates even farther from recent
historic lows has impose greater strain on
bank interest margins. Moreover, while
central banks are primarily concerned with
funding firms, they may decide to
emphasize test banking resolutions
devised in the aftermath of the global
financial crisis in the future.
According to Economics Observatory
(2020), the following trends about COVID-
19's long-term influence on the banking
sector are already apparent:
For starters, low interest rates, which are
close to zero or even negative, are here to
remain for the foreseeable future. This will
undoubtedly put further strain on bank
profits.
Second, the trend toward modernization
could grow even more, as social distancing
| 25
has become new normal, and physical
interactions between banks and clients
become ever costlier. This could mean
more branches closing and a greater
reliance on phone and internet banking.
Finally, the crisis will intensify competition
for banks from ‘fintech' (financial
technology giants), particularly Big Tech
companies like Alibaba or Tencent in
China, and Facebook, Google, Apple, and
Amazon in the West. These massive
platform providers are expected to emerge
stronger from the crisis, with a substantial
cash pile and a solid opportunity (and
probably a strong desire) to expand into
financial services. This might put banks
under even more competitive pressure in
their primary business lines.
These three trends began before the
pandemic, but they may become more
prominent as a result of the crisis. As a
result, we may see increased competitive
pressures on banks, forcing a creative
response on their part.

T he Bangko Sentral ng Pilipinas (BSP)
has adopted strong policy steps in
response to the pandemic to
strengthen domestic liquidity, promote
economic growth, and boost confidence in
the market.
The BSP has also purchased government
securities in the secondary market,
provided short-term provisional
developments, and remitted 20 billion
pesos in advance dividends to the national
government in order to assist the national
government's funding requirement for
COVID-19-related initiatives and in
accordance with its liquidity-enhancing
policy initiatives.
“In sum, the BSP has injected
some Php2-trillion into the
financial system, equivalent to
10 percent of 2019 GDP.”
Mr. Benjamin E. Diokno
(Governor of Bangko Sentral ng Pilipinas)
| 26
© Bangko Sentral ng Pilipinas
The government's accommodating fiscal
policy strives to fund priority expenses and
develop in social services and
infrastructure in order to help restore the
economy.
The BSP, according to Diokno,
acknowledges micro, small, and medium
firms as an important part of the Philippine
economy. In addition, the BSP has
approved a set of approaches aimed at
assisting MSMEs during this recession, as
well as accelerating their restoration and
ensuring the long-term viability of their
operations.
In particular, the BSP approved a
temporary reduction in the credit risk
weights of loans granted to MSMEs that
are current in status, and the assignment
of lower risk weight for MSME exposures
that are covered by government
guarantees.
Overall, these steps are intended to
provide liquidity to the MSME sector while
also safeguarding the financial system's
health and safety.

Furthermore, the BSP's introduction of the
National QR Code Standard, or QR PH, has
aided in the country's decentralized QR-
based payment system. This new approach
can help the economy make use of QR
technology's efficiency, security, and
affordability for payments.
| 27
The World Bank Group, as one of the
world's greatest providers of finance and
information for developing nations, is
taking a comprehensive and swift
approach to assisting developing countries
in strengthening their pandemic
preparedness. It is assisting the private
sector in continuing to function and
maintain jobs by supporting preventive
measures, ensuring the flow of necessary
supplies and equipment, and assisting
public health interventions.
Over a 15-month period ending in June
2021, the World Bank Group will make
available up to $160 billion in aiding more
than 100 countries protect the
underprivileged, promote enterprises, and
boost economic recovery.
The World Bank has been a companion of
the Philippines for 75 years, since 1945,
offering economic analyses and reports
among other things.
 | 28

The International Monetary Fund (IMF), on

the other hand, has responded to the
coronavirus crisis with unparalleled scale
and speed of financial support to member
nations, especially to shield the most
vulnerable and create the framework for
inclusive and long-term recovery.

“The global economy is on

firmer footing as millions of
people benefit from vaccines.
But while the recovery is
underway, too many countries
are falling behind and economic
inequality is worsening. Strong
policy action is needed to give
everyone a fair shot—a shot in
the arm to end the pandemic
everywhere, and a shot at a
better future for vulnerable
people and countries.”
Kristalina Georgieva
(IMF Managing Director)

During this difficult period, the IMF

continues to assist nations on their
recovery paths by providing policy
guidance, financial assistance, capacity
building, and debt relief for the
disadvantaged.
The following are some of the tracks that
the IMF is focusing on during this
pandemic:
Temporarily increasing access to
its emergency services — the
Rapid Credit Facility (RCF) and the
Rapid Financing Instrument (RFI)
— in order to meet heightened

financial support needs from its
member countries during the
pandemic.
Granting debt relief to 29 of its
poorest and most vulnerable
member nations, covering their
qualified debt due to the IMF
between April 2020 and mid-
October 2021. While combating
the impact of the COVID-19
outbreak, this debt relief allows
benefiting nations to devote more
of their limited financial resources
| 29
to crucial emergency medical and
other relief measures.
Improving existing lending
programs to meet urgent new
demands arising from the
coronavirus outbreak, allowing
existing resources to be directed
toward medical supplies and
equipment, as well as outbreak
control.
Advising policies that will help the
country overcome the crisis,
safeguard the most vulnerable,
and pave the way for economic
growth.
| 28

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CREATE Act Comes into Effect, Pushing for
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(2020). Governments’ response to COVID-
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respond-to-covid-19.html
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m International Monetary Fund. (2021). The
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7/business/columnists-business/helping-
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