COVID-19 and its threat to financial security across the country

Jul 1, 2020

The first thing to consider when you are immediately put under a lockdown is your source of sustenance. Having the resources needed will help you survive amidst these pressing global health risks that are plaguing the community. With enough resources you can easily resist of contracting the disease. You have the privilege to avoid being immunocompromised since you’re getting enough energy and nutrients from the food that you consume. This certainly indicates that food is a basic necessity regardless of the demands of any situation.

But, to be able to have access to adequate nutrition to strengthen one’s immune system, you need to have enough financial resources for it. Imagine in a crisis like this, how can you be well-prepared if you lack the money to buy the things that you need to cope from the economic impacts of COVID-19 and the implemented lockdown.

In the Philippines, a nationwide Enhanced Community Quarantine (ECQ) was implemented by the Philippine National Government. This halted a lot of operations including international and local businesses, small and medium scale enterprises, and others. The temporary suspension is easily felt by people especially those who do labor jobs where your take home salary depends on how you grind. To suffice these various economic impacts to Filipinos, the government allotted a PHP 275 Billion budget to be allocated equally on different priorities such as food and financial resources, health care, and other containing and prevention measures of COVID-19.

They also mandated Republic Act 11469 or Bayanihan to Heal as One Act of the Philippines where they stated provisions that would give leeway for locals to adjust with the financial restrictions of the nationwide lockdown. Businesses and banks have also followed the provision of the said act by allowing a 30-days grace period for any transactions that would require repayments of loans. How all of these will work out? Nobody knows so, better be prepared for what may come.

Good thing there are numerous private organizations and companies that extend help in easing these financial burdens. Donation drives from private sectors suffice some of the basic needs that some people fell a little short like food, medicine, hygiene kits, and PPEs. However, some people will still find ways on how to gain money in this frozen economic scenario. With an enough amount, others will be able to afford some of the necessities needed by their family that are not covered by donations, reliefs, or in locals’ term, “ayuda”.

Loans from banks and other financial institutions are one of the best ways to cope with this economic recession. Having extra cash at your expense allows financial freedom for a short period of time to provide better care and attention to the family through provision of specific needs. If you have the capability to avail a loan product then, might as well do so. It is indeed better to be safe than sorry.

Blend.PH understands the gravity of this situation. Ang Blend.PH ay kasama niyo sa pag-bangon sa panahong ito.

For more information, reach us at [email protected] or check at https://blend.ph/.