Ateneo de Zamboanga University

SENIOR HIGH SCHOOL

Fr. Eusebio Salvador, SJ Campus, La Purisima St. Zamboanga City
DEPARTMENT OF SOCIAL SCIENCES
AND PHYSICAL EDUCATION

Name: Bagayan, Lujille C. Grade and Section: 12 HUMSS Schumacher

Effects of E-commerce in the

Philippine economy amidst the pandemic

As per definition, institutions are structured domain norms that give sense of order in a
community, place, or simply put – in a society. In the context of this issue, institutions – may it be
state or non-state, are present and relevant. Since the issue revolves around the economic state of
the country, Bangko Sentral Pilipinas’ (BSP) role is to maintain price stability conductive to a
balanced and sustainable growth of the economy, as well as employment. (Citizen’s Charter. n.
d.) Banks, after all, manage our savings, offer critical services in the transfer of funds and the
payment of obligations, while providing a venue for entrepreneurs to pursue their economic plans
through credit. (Financial Stability. n. d.) But above all, the Philippine Government oversees the
entirety of the country’s economy. They establish a legal and social framework in the context of
the current economy, assist in maintaining market competition, redistribute money, and take
specific steps to stabilize the economy.

For non-state institutions, private manufacturers – the individuals that were to start their
businesses in the midst of pandemic due to the transitioning of the traditional business sector to
the “new normal” are relevant in the issue at hand, as well as the consumers – they influence the
demand for products in which keeps the economy going. Without the aforementioned non-state
institutions, the issue cannot be seen as a whole as they serve as one of the pillars that make up the
entirety of the controversy.

Slavery, in the economic context, still does exist. Number of employees work past their
normal and average working hours for extra credit and/or pay but in reality, they do not get paid
enough. To put it simply, these individuals are overworked yet underpaid. This is where the social
stratification ‘slavery’ surfaces as some workers or employees are enslaved to their low-paying
job despite the evident injustice in the field. As previously mentioned, the ones who influence the
demand for supplies are the consumers of the private manufacturers from the non-state institutions
of the economy. Thus, I can attest that the consumers themselves can be seen as the factor that
contributes to the existence of slavery in the issue.

The social stratification present in the issue affects the economy of the Philippines in a
sense that less money is being spent on the employees’ wages, thus, there will be little to no more
income in the economy.
 References

Citizen’s Charter. (n. d.) BSP.GOV.PH. Retrieved November 3, 2022, from

https://www.bsp.gov.ph/SitePages/FinancialStability/FinancialStability.aspx

Consumers can play key role in creating demand for ‘circular’ goods and services. (2022,
May 17.) EEA. Retrieved November 3, 2022, from
https://www.eea.europa.eu/highlights/consumers-can-play-key-role

Council for Economic Education, New York. (n. d.) What are the Economic Functions of
Government? Uttyler.edu. Retrieved November 3, 2022, from
https://www.uttyler.edu/ceefl/files/reading1-hs.pdf

Financial Stability. (n. d.) BSP.GOV.PH. Retrieved November 3, 2022, from

https://www.bsp.gov.ph/SitePages/CitizensCharter/CitizensCharter.aspx#:~:text=The%20primar
y%20objective%20of%20the,the%20convertibility%20of%20the%20peso.