By Samira Gutoc
I’m a COVID19 survivor and the medical recovery has been very tough not just for myself but also for my beloved family, as a mother to my young child, as a wife to my supportive husband, as a diligent daughter and sister to the rest of my relatives, colleagues and friends. Our community in Marawi has always been close to each other just like the rest of Filipinos who are challenged further by the IATF policies and restrictions. I believe that everybody is dealing with his or her own circumstances and much consideration is to ensure our safety.
By the late first quarter of 2020, the country’s Luzon Island went into a complete lockdown that restricted population movement with only a few exceptions. This resulted in a drastic decline in employment levels, with projections suggesting a maximum of one million people losing their jobs due to the lockdown. In addition, the imposed community quarantine would, at the very least, cause cumulative losses in gross value added of three billion Philippine pesos in every select key sector in the country.
The survey conducted by the World Bank in collaboration with the Finance department and the National Economic and Development Authority (NEDA) from July 7-14 showed the extent of the impact of the coronavirus pandemic on operations of 74,031 companies around the country.
Even as restrictions eased, companies continued to see a sharp drop in sales. “The estimated loss of revenue is at 64% in July 2020 compared with April 2020, with 89% of firms reporting a reduction in sales,” the World Bank said.
One of three companies reported a drop in demand by more than 50%, mainly due to the restrictions in mobility that prevented customers from traveling to buy goods or services.
Growth forecasts for the Philippines collected by Barcelona-based FocusEconomics showed below-target consensus expectations averaging 5.6 percent for 2021, mainly due to sluggish mass vaccination against COVID-19.
In its latest emerging markets outlook 2021-2022 report, FocusEconomics noted that only Allianz and Capital Economics projected the Philippines’ gross domestic product (GDP) this year growing in line with the government’s downscaled 6-7 percent target range.
Bayanihan and we are all together for recovery
It is also good to note that government agencies and different business groups have partnered for the “Reform, Rebound, Recover: One Million Jobs for 2021” project during the closing ceremonies of the 42nd National Conference of Employers (NCE).
The Department of Trade and Industry, Department of Labor and Employment, Department of Tourism, Department of Transportation, Department of the Interior and Local Government, Technical Education and Skills Development Authority and Commission on Higher Education signed the manifesto with the Employers Confederation of the Philippines (ECOP), Philippine Chamber of Commerce and Industry, Philippine Exporters Confederation Inc., Hotel and Restaurant Association of the Philippines, Philippine Constructors Association Inc., Philippine Hotel Owners Association Inc. and Semiconductor and Electronics Industries in the Philippines Foundation Inc.
The project aims to tap Filipino talents in the following sectors: construction, manufacturing particularly semiconductors and electronics, tourism and hospitality, and export industries.
Philippine debt reaches 11 Trillion pesos
The Philippines’ total outstanding debt hit P11.07 trillion in end-May, as the government borrowed more to finance the country’s needs amid the coronavirus pandemic.
The Bureau of the Treasury on Monday, July 5, reported that the debt stock slightly went up by P79.8 billion or 0.73% from end-April, with the strong peso tempering further increases.
Of the total debt stock, 28.5% was sourced externally, while 71.5% are domestic borrowings.
ABS-CBN Shutdown Anniversary
I was a journalist and have established numerous friends and allies in the media. During my 2019 senatorial bid, I received numerous comments and sentiments and I took them all with optimism but we should not aggravate the situation that we are already dealing with aside from COVID19 pandemic. ABS-CBN has been instrumental in various regions as a source of information and content that both inspires and entertains us all, much appreciation to their philanthropic efforts and various relief operations.
The move to shut it down brought consequences to a multitude of stakeholders, from investors and lenders to thousands of employees, their families and millions of viewers and listeners across the country.
This also forced ABS-CBN to slash 4,552 jobs, or nearly half its workforce, including 2,674 regular employees.
We believe in the power of freedom of speech and platforms that serve as the voice of our Filipino people.
The pandemic has been here for more than a year, we have a lot of brilliant minds to make things better. We see other countries recovering and we should also be doing better because of many factors or solutions available for us. We just have to be willing to collaborate, help each other as part of our healing process.