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    Term Paper#1 Canja, Julie Ann L. Bsoaou 1-2

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    JulieAnnCanja
    The Philippine economy suffered the greatest economic collapse of all Asian countries due to COVID-19, with GDP shrinking 9.6% in 2020 and 4.2% in Q1 2021. Harsh lockdowns crippled supply chains and consumer spending, causing a $86 billion economic loss in 2020 and predicted $740 billion loss over 20 years. The Philippines lacked effective COVID-19 testing, contact tracing systems, and ICU capacity compared to its neighbors, forcing long lockdowns that failed to improve healthcare while severely damaging the economy.

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    Term Paper#1 Canja, Julie Ann L. Bsoaou 1-2

    Uploaded by

    JulieAnnCanja
    17 views1 page
    The Philippine economy suffered the greatest economic collapse of all Asian countries due to COVID-19, with GDP shrinking 9.6% in 2020 and 4.2% in Q1 2021. Harsh lockdowns crippled supply chains and consumer spending, causing a $86 billion economic loss in 2020 and predicted $740 billion loss over 20 years. The Philippines lacked effective COVID-19 testing, contact tracing systems, and ICU capacity compared to its neighbors, forcing long lockdowns that failed to improve healthcare while severely damaging the economy.

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    The Philippine economy suffered the greatest economic collapse of all Asian countries due to COVID-19, with GDP shrinking 9.6% in 2020 and 4.2% in Q1 2021. Harsh lockdowns crippled supply chains and consumer spending, causing a $86 billion economic loss in 2020 and predicted $740 billion loss over 20 years. The Philippines lacked effective COVID-19 testing, contact tracing systems, and ICU capacity compared to its neighbors, forcing long lockdowns that failed to improve healthcare while severely damaging the economy.

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    17 views1 page

    Term Paper#1 Canja, Julie Ann L. Bsoaou 1-2

    Uploaded by

    JulieAnnCanja
    The Philippine economy suffered the greatest economic collapse of all Asian countries due to COVID-19, with GDP shrinking 9.6% in 2020 and 4.2% in Q1 2021. Harsh lockdowns crippled supply chains and consumer spending, causing a $86 billion economic loss in 2020 and predicted $740 billion loss over 20 years. The Philippines lacked effective COVID-19 testing, contact tracing systems, and ICU capacity compared to its neighbors, forcing long lockdowns that failed to improve healthcare while severely damaging the economy.

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    Term Paper#1

    CANJA, JULIE ANN L.


    BSOAOU 1-2

    COVID-19 has an economic impact on every nation. All countries had to deal with
    economic downturns, albeit to varied degrees. Unfortunately, of all the Asian countries, the
    Philippines has suffered the greatest economic collapse. As is well known, the economy
    shrank by 9.6 percent last year, and then shrank by a further 4.2 percent in the first three
    months of this year. Despite the second quarter's increase of 11.8%, the economy won't fully
    recover from 5 quarters of recession until the end of 2023, assuming no more lockdowns.

    Both the occasional lockdowns this year and the six-month shutdown last year were
    to blame for our severe economic downturn. Because of how harsh our lockdowns are, they
    cripple the supply chains for both production and retail. The first is important because our
    economy is based on consumer spending. The production of factories decreased by
    7.1percent last year.

    According to the National Economic And Development Authority (NEDA), the


    economy suffered a loss of economic activity last year which was equal to $86 billion. In
    addition, NEDA predicts that lockdowns, quarantines, and social isolation will continue to
    restrain consumer spending and investment, resulting in an additional $740 billion in lost
    economic activity over the course of the following 20 years as a result of the pandemic.

    Our neighbors' gradual adaptation to living with COVID-19 stings acutely. They are
    starting to live quite normally, opening up their economy to include tourism, opening up their
    schools, and so on. Their economic recovery is well underway, and it is progressing
    considerably more quickly than ours.

    The Philippines lacked all of its neighbors' defenses. The government still lacks a
    national network for COVID-19 testing even after 18 months. Additionally, it hasn't made
    testing widely available and reasonably priced. Due to numerous flaws and low usage, the
    government's StaySafe.ph website still lacks a working tracking and tracing system. Even
    now, at this late point, tracking and tracing is being done by the National Government using
    fragmented data from LGUs. The Philippines lacked all of its neighbors' defenses.

    The government still lacks a national network for COVID-19 testing even after 18
    months. Additionally, it hasn't made testing widely available and reasonably priced. Due to
    numerous flaws and low usage, the government's StaySafe.ph website still lacks a working
    tracking and tracing system. Even now, at this late point, tracking and tracing is being done
    by the National Government using fragmented data from LGUs.

    The lockdown has not considerably increased medical capacity, particularly ICU
    beds. The Bayanihan I and II budget allocations were not used to acquire enough ventilators
    and COVID-19 medications such Tocilizumab, Remdesivir, and Avigan. Only Myanmar is
    more vaccinated than the Philippines in the area in terms of the proportion of the population
    that has received vaccinations.

    With no effective defense against with the virus causes COVID-19, lockdowns are
    the only option available to the government. In other words, the government has not set up a
    reliable information network, a widespread test effort, a track - and - trace mechanism, and
    sufficient medical capabilities, so we are bearing the burden of the pandemic. The
    government's response to the pandemic was overbearing but unsuccessful, aggressive yet
    lacking, pompous but ineffective, and corrupt but heavy-handed. The Philippine is the
    country with the worst economic situation as a result.

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