Concerted response: Measures implemented to address the health and economic ramifications of the Covid-19 pandemic
The Philippines reported its first Covid-19 case on January 30, 2020, and confirmed its first coronavirus-related fatality three days later. The country was officially placed under a state of calamity for a period of six months on March 17, mandating that national and local authorities mobilise the resources needed to respond to the health crisis. The state of calamity was extended for an additional 12 months in September, facilitating one of the world’s longest, most stringent lockdowns. In March and September of that year
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Strategic support: A blend of policy options seeks to kick-start economic recovery
The Philippine government launched a four-pillar socio-economic strategy to mitigate the impact of the pandemic and aid the national recovery effort. The framework aims to provide emergency support for vulnerable groups and individuals; expand medical resources to fight Covid-19 and ensure the safety of health workers; implement fiscal and monetary initiatives to keep the economy afloat; and launch an economic recovery plan to create jobs and sustain growth. Bayanihan 1 & 2 The government passed the Bayanihan to Heal as One (Bayanihan 1) Act on March 25, 2020, granting President Rodrigo Duterte emergency powers to address the crisis. By the end of the second
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Weathering the storm: The countries of Asia Pacific must work to equip themselves to handle the effects of climate change
Recent years have seen the issue of climate change and its ecological and economic effects move more clearly into the spotlight. It is now widely accepted that the planet cannot sustain current high-carbon industrial and consumer behaviours. With better and more reliable scientific knowledge on the subject available, economic models used to forecast the financial impacts of a steadily destabilising environment are have become sophisticated. The consensus is that climate change will have major economic and social impacts; the question is how severe those
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Closing the gap: Private players look to micro-insurance, insurance technology and digitalisation to boost revenue and expand coverage
While the pandemic has placed extra strain on the Philippines’ health care system, increased awareness of health risks could lead to a spike in private insurance coverage. With around 415,000 recorded cases and 8000 virus-related deaths as of mid-November, 2020, the Philippines has been one of the hardest-hit countries in South-east Asia – despite the implementation of stringent lockdowns. The spread of the virus has not only placed pressure on hospitals, clinics and staff within the national health care network, it has also hampered plans to expand health
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Digital shift: Banks upgrade their online offerings in response to the pandemic
The Philippines is experiencing a boom in digital banking as a result of the Covid-19 pandemic, with several digital-only banks announcing plans to enter the market and legacy banks rapidly upgrading their online offerings. East-West Banking Corporation, the country’s 11th-largest bank by assets, launched its own fully digital bank, Komo, in the third quarter of 2020. Furthermore, the state-owned Overseas Filipino Bank (OFB) became fully operational as a digital bank in June 2020. A subsidiary of the Land Bank of the Philippines, the OFB is intended to provide an array of financial and investment services to Filipino nationals residing overseas. Meanwhile, the country’s main lenders
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Composition mash-up: After demand for power dropped in spring 2020 due to Covid-19 lockdowns, how will the energy mix look in the recovery phase?
Travel restrictions and the suspension of industrial activities around the world due to the Covid-19 pandemic have led to an unprecedented drop in global emissions. According to data from the Helsinki-based Integrated Carbon Observation System (ICOS), by the first week of April 2020 daily carbon emissions had fallen by 17% against mean 2019 levels, with some countries experiencing a 26% fall in CO output. The fall was the sharpest on record, with global emissions dipping to levels last seen in 2006. This was a
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Technological solutions: With the global movement of food disrupted in 2020, local farmers adapted with the help of a new government programme
Although agricultural activities were permitted during the lockdown period in the Philippines, some farmers nevertheless saw their activities limited by various provincial restrictions. In Quezon province, for example, stricter measures were implemented in April 2020 that permitted residents in some areas to leave their homes only once per week – placing the harvest at risk of spoilage during the dry season. Given the disruptions to global supply chains affecting the importation of food, agriculture – which employs around 23% of the workforce – has
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Top model: Producers of fast-moving consumer goods adapt to supply chain disruptions and changes in demand
In response to lockdowns initiated to stem the spread of Covid-19, fast-moving consumer goods (FMCG) manufacturers in the Philippines adopted new business strategies to overcome supply chain disruptions and meet shifting consumer demands. Indeed, the pandemic led FMCG companies to reassess input sources and re-evaluate the balance between efficiency and resilience. It is expected that these structural changes will last beyond the pandemic. Just in Case Prior to the emergence of Covid-19, a just-in-time model had gained popularity with FMCG manufacturers around the world.
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Greener pastures: Governments in Asia Pacific are working to protect top destinations from overdevelopment and environmental damage
Tourism in the Asia-Pacific region has seen impressive growth in recent years, aided by cheaper air fares, an expanding consumer class and increased exposure brought about by improved internet connectivity. Although these developments have led to significant economic benefits for countries across the region, they have also had some negative consequences, particularly for the environment. Around 133.1m visitors travelled to ASEAN countries in 2019, up from 129.2m in 2018 and 125.7m in 2017. With this figure expected to reach as high as 155.4m by
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