Category: Economic
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Chua: MECQ in NCR+ could lead to 2.1B loss in daily income, increased hunger and unemployment
In a statement to the press last March 23, 2021, Socio Economic Planning Secretary Karl Kendrick Chua said that Manila and its nearby provinces could lose up to PHP2.1 billion per day if the government placed these areas under stricter lockdowns. Moreover, Chua added that under the Modified Enhanced Community Quarantine (MECQ), which would close…
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The global economic impact of lockdowns
In this March 1, 2021 article for Business World Online, author Bienvenido Oplas Jr. looks at the economic impact of lockdowns in countries around the world. For the Philippines, Oplas says that two important results have emerged. First is that when it comes to the 2020 GDP performance, the Philippines was the third worst performing…
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Philippines’ economic team: No more lockdowns
Finance Secretary Carlos Dominguez III said on Monday, October 12, 2020 said that the Philippines cannot revert to stringent lockdowns if it wants to save jobs and lift people out of poverty post-pandemic. Editor’s Note: While we welcome statements like this from our government officials, we must be clear that the lifting of lockdowns is…
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Bacolod business owners calls on LGU to end lockdowns
The Bacolod Employers’ Union (BEU) has called on the government to end the lockdown in the city. In a post published by the BEU today, September 30, 2020, it showed a copy of a letter addressed to Bacolod mayor Evelio Leonardia. Aside from the lifting of lockdowns, the organization also asked for a stimulus package…
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Jollibee to close 255 stores
Jollibee Food Corporation (JFC) has announced that it will close 255 stores after suffering from a net loss of 11.96 billion pesos for the first six months of the year. By closing some of its stores, the company hopes to rebuild its business in order to meet the change in consumer behavior brought about by…
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Big Tech thriving during pandemic despite widespread economic upheaval
While most countries in the world are experiencing severe economic contractions, Amazon, Facebook, and Apple are thriving. Projections are showing that the financial positions will only improve as the pandemic has pushed more people towards the internet. While the three companies were already doing well before the pandemic, but analysts are surprised at the extent…
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Philippines officially in technical recession as economy shrinks by 16.5% in Q2
The Philippine economy is experiencing its greatest contraction in two decades following the extension of lockdowns in the country. The Reuter poll in June projected a 9% decline in economy, but official figures are now much larger, now pegged at 16.5%. Economic planners are now projecting an annual shrinkage of 5.5%. Editor’s Note: For non-economists, such…
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ECOP: Almost 53% of MSMEs closed down permanently and partially
Edgardo B. Lacson, chairman of the Employer’s Conference of the Philippines (ECOP) says that 52.66% of micro, small, and medium enterprises have closed down permanently or partially due to the prolonged lockdown imposed by the Philippine government. Of those who were able to continue their operation, 12.55% of MSMEs have limited operations, while only 34.79…
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20% of Filipinos go hungry amid COVID
A recent survey conducted by the SWS discovered that 5.2 million or 20.9% of Filipinos have experienced involuntary hunger over the past three months of community quarantines in the country. This is a 4.2% increase from the involuntary hunger recorded in May 2020. 5.1% have experienced severe hunger, the highest figure recorded since June 2013. …
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Projections on how COVID-19 will reorder our societies
In this March issue of The Politico Magazine, we read some expert predictions on how our societies will be transformed by COVID-19. From this article, it is the opportunity for change is apparent. The author, however cautions: such societal transformation can go both ways. It can either lead us toward a sustainable, nurturing, and life-giving future, or…
