ECONOMICS PROBLEMS OF THE PHILIPPINES

Are we as a nation still economically okay despite the onslaught of the

pandemic? Can we, with head held high, say that we are faring well? Like the rest of

the world, we Filipinos suffered from the effect of the COVID 19 virus. With the

announcement to a halt on domestic land, sea and air travel, as well as community

quarantine measures, in what is called a "lockdown" to contain the spread of

coronavirus, our economic life has suffered the most. This is coupled by certain

economic problems that cannot be ignored.

Unemployment is considered one of the economic problems of the country. This

is aggravated by such measures as ECQ, MECQ, GCQ, social distancing, wearing of

face masks and face shields and the IATF announcements limiting the personnel who

can report for work. In the same vein, public transport was also affected as many were

advised to practice the “work from home” scheme and online teaching. Thus, many

Filipinos became unemployed or informally employed, with lack of opportunities to find

good jobs.

Poverty can also be considered an economic problem in the country since the

poverty rates have not changed significantly. Even though Philippines is a fast-growing

economy, there has been just a minor decline in the incidence of poverty. This is

because poverty is very much linked to unemployment. Unfortunately, the growth is

restricted to the Business Process Outsourcing, online business, online retail trade,

online teaching to name a few resulting to a large number of Filipinos remaining without

jobs.
 Be it as it may, the above scenario should encourage you, me, and every Filipino

for that matter, to harness our own potentials, to accept challenges, be innovative, to

discourage self-pity and to stand firm to withstand the greatest challenge of our times.

We, Filipinos are known for our ingenuity, for our resourcefulness, for our being

hardworking, for being diligent and above all for our being God fearing. With the

economic problems we have at present, each and every one of us should work hand in

hand to make this nation, the Philippines, the so called “Pearl of the Orient Seas” great

again.

According to Vince Lombardi, the price of success is hard work, dedication to the

job at hand, and the determination that whether we win or lose, we have applied the

best of ourselves to the task at hand. And true indeed, these are the things we Filipinos

need to overcome life’s challenges: hard work, dedication and determination.