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    Asian Crisis

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    Ella Quirona
    The document discusses the economic crisis facing the Philippines due to the COVID-19 pandemic. It notes that the Philippines now has the worst outbreak in Southeast Asia, surpassing Indonesia. This has overwhelmed the health system and damaged economic stability, as the Philippines was expected to achieve 7% GDP growth before the pandemic struck. Unemployment is rising and overseas worker remittances are down, while government debt has increased significantly to fund response programs. The document argues the government was not well prepared and could have done more to prevent the crisis earlier. It concludes that more must be done to stabilize finances and restore economic activity before another crisis can be withstood.

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    Asian Crisis

    Uploaded by

    Ella Quirona
    16 views2 pages
    The document discusses the economic crisis facing the Philippines due to the COVID-19 pandemic. It notes that the Philippines now has the worst outbreak in Southeast Asia, surpassing Indonesia. This has overwhelmed the health system and damaged economic stability, as the Philippines was expected to achieve 7% GDP growth before the pandemic struck. Unemployment is rising and overseas worker remittances are down, while government debt has increased significantly to fund response programs. The document argues the government was not well prepared and could have done more to prevent the crisis earlier. It concludes that more must be done to stabilize finances and restore economic activity before another crisis can be withstood.

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    A brief history of the Asian crisis

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    The document discusses the economic crisis facing the Philippines due to the COVID-19 pandemic. It notes that the Philippines now has the worst outbreak in Southeast Asia, surpassing Indonesia. This has overwhelmed the health system and damaged economic stability, as the Philippines was expected to achieve 7% GDP growth before the pandemic struck. Unemployment is rising and overseas worker remittances are down, while government debt has increased significantly to fund response programs. The document argues the government was not well prepared and could have done more to prevent the crisis earlier. It concludes that more must be done to stabilize finances and restore economic activity before another crisis can be withstood.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    16 views2 pages

    Asian Crisis

    Uploaded by

    Ella Quirona
    The document discusses the economic crisis facing the Philippines due to the COVID-19 pandemic. It notes that the Philippines now has the worst outbreak in Southeast Asia, surpassing Indonesia. This has overwhelmed the health system and damaged economic stability, as the Philippines was expected to achieve 7% GDP growth before the pandemic struck. Unemployment is rising and overseas worker remittances are down, while government debt has increased significantly to fund response programs. The document argues the government was not well prepared and could have done more to prevent the crisis earlier. It concludes that more must be done to stabilize finances and restore economic activity before another crisis can be withstood.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Explained in Essay the Crisis that challenged a country in the Asian Region.

    A
    country to be explored about can be any country of choice by the student. Specifically,
    the question given below must be the subject of the Essay.
    “Knowing what we know about the crisis, do you think governments are better
    able to predict the onset of another crisis? What kind of measures would you put in place
    to monitor economic and financial activity as an early warning system?

    Suppose we are to talk about a crisis, which is widely defined as a time of intense
    difficulty, trouble, or danger affecting an individual, group, or society as a whole. Why would we
    even go too far? When, in fact, we are experiencing one here in our country at present. What I
    am talking about is the Coronavirus crisis that led to numerous death tolls impacting not just the
    Philippines but the whole globe itself. The novel coronavirus, or most popularly known as
    COVID-19, is a huge threat to the lives of human species, specifically the elderly and those in
    the medical field. But aside from these, it is also a massive threat to economic stability.
    Although the Philippines wasn’t the eye of the 1997 Asian Contagion, some articles have
    issued news saying the Philippines now has the worst COVID-19 outbreak in Southeast Asia
    with 197,164 cases as I write this essay; surpassing Indonesia to become the region’s biggest
    outbreak. Despite having the most prolonged lockdown in Southeast Asia, COVID-19 cases in
    the country continue to grow. As a result, the Philippines’ health system struggles as well as it’s
    financial stability.
    According to a news article I have cited, the Philippines was an economic star until the
    Covid-19 rise. Just when it’s about to grow its economy by about 6% in the past five years and
    is expected to rise for 7% this year, a pandemic suddenly occurs. As the unemployment rate
    continues to decline, GDP, one of the economic indicators drops as well. Also, a lofty decrease
    in money sent home by Filipinos as they've lost positions abroad has burdened private
    utilization, which drives about two-thirds of GDP. Not to mention, Philippines’ current debt
    amounting to ₱8.89 trillion in May as authorities borrowed aggressively to fund programs
    aimed at easing the effects of the coronavirus pandemic.
    Surely, this pandemic has forced the national government to freeze economic activity to
    contain the virus and to save lives. However, this outrage can be prevented even before it
    reaches the Philippines, but the government chose not to do anything about it. Going back when
    there’s still no Covid-19 cases in the Philippines, but there are in neighboring countries, the
    government remains unbothered. From two Chinese nationals, now we are on nearly 200,000
    cases. I hope future leaders will learn from these loopholes of the government in controlling the
    spread of an infectious disease like this one. Because if not, there is a high probability that this
    might happen again.
    SARS has attacked the Philippines before; now that we have Covid-19 again, I don’t
    think the Philippines is better able to predict the onset of another crisis, especially if it comes to
    a health crisis. Judging on how the government responds to this pandemic and how the public
    reacts to protocols, I am afraid to say that our country is not ready to face another crisis again.
    But, I am pretty sure researchers and scholars are studying an in-depth analysis of how to
    prevent another crisis that would possibly blow the Philippine economy in the future.
    Measures to monitor economic and financial activity can be done as an early warning.
    After the pandemic, not everything is expected to go back to how it used to be, instead, we are
    encouraged to practice the new normal. Financial stability should first be done to put everything
    in better condition. To be able to do this, our Overseas Filipino Workers (OFW) should be able
    to return to their jobs as well as our laborers who are greatly affected by the pandemic. The rate
    of unemployment should decrease, and in that way, our economy may slowly rise from fall.
    Another measurement is to attract tourists again. We all know the Covid-19 greatly impacted the
    tourism industry in the Philippines and it affects our economy. About 12.7% of the country’s
    GDP is from the tourism industry last 2019 so it would be a great help if we were to convince
    tourists to visit our beautiful island again. Once we stabilized our country’s finance, the
    government should ensure that there would be no threat to the Philippines’ economy again until
    we paid our debt and we are surely ready to face another possible crisis.

    Resources

    Lopez, M. (n.d.). PH debt nears ₱9 trillion with surge in loans for pandemic response.
    Retrieved August 25, 2020, from https://www.cnn.ph/business/2020/6/30/PH-debt-
    nearing-9-trillion-May-2020.html

    Moss, D. (2020, April 01). Coronavirus Hits the Philippines's Economy Just as It Was
    Surging. Retrieved August 25, 2020, from
    https://www.bloomberg.com/opinion/articles/2020-04-01/coronavirus-hits-the-philippines-s-
    economy-just-as-it-was-surging

    Submission, I. (n.d.). Philippines now has worst COVID-19 outbreak in Southeast Asia.
    Retrieved August 25, 2020, from https://www.japantimes.co.jp/news/2020/08/07/asia-
    pacific/philippines-coronavirus-southeast-asia/

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