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On the Bad Shape of the Philippine Economy

The Philippine economy is definitely in bad shape, made even worse by the difficult choice between addressing health-related problems and the sinking economy.

A classic example is the NEDA’s recommendation to the President to allow children 10 years old and above to go out of their homes with their parents, as NEDA studies show 50 percent of the economy is driven by family activities outside their homes.

It was a very sound NEDA suggestion that was initially given due course but recalled immediately, instead of first considering a middle ground that would have accomplished both – like closely supervised or monitored family outings.

Policy decisions play a vital role in striking a balance between long-term implications on the economy and the immediate effects on our people’s health concerns. The right decisions will chart our path towards a sustainable “new normal,” pull us out from pits of social and economic distress, and shape a safer and more resilient society.

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Hearing of the Senate Defense Committee on MUP Concerns

Sen. Lacson’s Opening Statement at the Hearing:

This is a continuation of our previous public hearing held last October 5, 2020, on the MUP pension bills referred to this committee, which was suspended with the commitment that an actuarial study would be conducted by the Government Service Insurance System (GSIS) together with our key stakeholders, such as the Bureau of Treasury and the MUPs, among others.

Just to refresh our memory, last year and this year’s appropriations reflect the veracity of this serious financial concern, given the steep increase in the MUPs’ pension funding from P80 billion in 2020 to P120 billion under the 2021 General Appropriations Act.

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Ping: Ekonomiya, Mabilis na Ibabangon ng National ID

Bibilis ang pagbangon ng ekonomiya ng bansa kung ganap na maipapatupad ang Philippine Identification System (PhilSys) Act o ang National ID.

Ito ang nakikita ni Senador Panfilo Lacson, isa sa mga may-akda at ang sponsor sa Senado ng naturang batas na ngayon ay nasa inisyal na bahagi na ng pagpapatupad.

“The lack of identification creates formidable barriers for the downtrodden and the poor, and creates even larger barriers between the government and the people. Hence, we should push for the implementation of the National ID if we want to further strengthen our response not only against the pandemic, particularly in the roll-out of the much-awaited vaccines, but in many of our future endeavors,” paliwanag ni Lacson sa kanyang pagsasalita sa pangatlong taunang economic and political briefing ng Colegio de San Juan de Letran Graduate School.

Related: Lacson: Full Implementation of National ID to Speed Up Economic Recovery
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Lacson: Full Implementation of National ID to Speed Up Economic Recovery

A full implementation of the Philippine Identification System (National ID) Act will speed up the country’s economic recovery following a 9.5-percent contraction in 2020 due to the COVID-19 pandemic, Sen. Panfilo M. Lacson said.

Lacson, one of the authors and the principal sponsor of the measure in the Senate, said the National ID system will promote financial inclusion and streamline government services – both of which are needed at this time.

“The lack of identification creates formidable barriers for the downtrodden and the poor, and creates even larger barriers between the government and the people. Hence, we should push for the implementation of the National ID if we want to further strengthen our response not only against the pandemic, particularly in the roll-out of the much-awaited vaccines, but in many of our future endeavors,” he said at the third annual economic and political briefing of the Colegio de San Juan de Letran Graduate School.

Related: Ping: Ekonomiya, Mabilis na Ibabangon ng National ID
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Speech at the Colegio de San Juan de Letran Graduate School’s 3rd Annual Economic and Political Briefing

It is said that the Coronavirus pandemic has been the defining global crisis of our time, with over 101.8 million confirmed cases and over 2.19 million deaths globally.

On top of this, the health crisis has also caused unprecedented disruptions in the economy, pushing nations to deep recession that is expected to leave far-reaching and lasting scars in the next decade.

Our country has taken a beating from the global pandemic and its accompanying economic crisis. Almost instantaneously, economic activities were shut down and tolls of deaths bannered our daily news.

As already mentioned by Dean Lopez, just yesterday, the Philippine Statistics Authority reported that the economy contracted by 9.5% in 2020, making it the largest contraction ever recorded, beating the 7% contraction in 1984. This equates to a P1.4-trillion drop in our nominal Gross Domestic Product, our worst since World War II.

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