I.

Write an essay reflecting the Economic situation of the Philippines amidst the COVID-19
pandemic.

“Economic Situation of the Philippines amidst the COVID-19 Pandemic”

‘As we pursue economic growth and progress, we must ensure that it is done with, by, and for everyone.
That everyone has a chance. -Betsy Hodges

In the previous activity, I already mention the status of the Philippines in terms of
economy during this epidemic. COVID-19 is not only a health epidemic, but it is also the start
of an economic disaster in our country and to the world. With these challenges, we experience
uncertainty during this time due to restrictions and some lockdowns in Rural and Urban
locations. In the same way, restrictions and on-site operations of industry, companies, public
mobility, and public transit capacity, was observed in accordance with the community quarantine
classes stated by laws and standards in our country. Hence, there are limits on international
inbound travel and internal mobility.
As stated in the report of Philippine Daily Inquirer, economist officials estimate that the
Philippine economy would take ten years to recover from the coronavirus, this was a warning
that the cost of COVID-19 would be passed down to the next two generations of Filipinos. This
was due to the lockdowns that increased hunger and unproductivity cause companies, resorts,
restaurants and other businesses to closed their doors to the customers. Also, due to the health
protocol like social distancing restrictions, it prohibits vital industries like tourism and
restaurants from completely reopening, consumption, investment, and tax revenues that we will
be struggling to return. However, the GMA news stated that our economy would grow by 4 to
5% this year, compared to a historic decline of 9.6% in year 2020. Moreover, the Asian
Development Bank announces that if the government proceeds in vaccination, the economy from
4.5% (2021) will be 5.5% (2022), the current account surplus would shrink to 1.0 percent of
GDP this year. However, in terms of trade barriers, during the epidemic, there are no limitations
on imports or exports.

Above all, since COVID-19 lead us to a severe economic breakdown, one thing that we
need to do is to be positive and proactive to regain the loss rate in our economy. To help the
economy recover, our government has implemented a pandemic stimulus program, to help the
country's economic recovery slowly but surely. The bayanihan act also can make our economy
move faster. Let’s make our health our wealth, and let’s make it together as ONE to attain the
economic progress for the proceeding years.