'Facing a worsening crisis as a nation'
Published Feb 6, 2021 12:08 am
PAGBABAGO
Dr. Florangel Rosario Braid
Admitting that the country today is “sinking deeper and deeper” and losing P2 billion a day due to COVID-19, President Duterte asked his economic managers to present a clear plan to address the high inflation and the worsening crisis. Senate Minority Leader, Franklin Drilon agreed with the President, saying let us face this as a nation as failure to address this could have more serious consequences.
These challenges are addressed to (1) legislators and economic managers; and (2) the Filipino people
On #1, the priority as gleaned from public opinion, is how to provide a satisfactory response to the pandemic. The country today ranked 79th out of 98 countries in ability to fight the COVID-19 pandemic. Among measures suggested is to work hard in increasing people’s confidence in the government’s vaccination program and to be more aggressive in addressing red tape and corruption. Congress must then devote its limited time to legislation that directly responds to these concerns. Among others, this means providing solutions to the concerns of 90% of labor affected by lockdown, the 2.2 million families which experienced “severe hunger,” poverty which is expected to increase by up to 44%, the closing of 90,000 small and micro industries and shutdown of 3,000 companies which had affected over 100,000 workers.
Government is likewise expected to confront with utmost sense of urgency the problem of seeking solutions to existing inequality. A common perception is that this is believed to be the primary cause of poor response to the pandemic and worsening economy. And that we must therefore start questioning our state of liberal capitalism that is believed to be the root cause of widening disparities. World Economic Forum 2021, the Davos meet, which is now meeting in Singapore, plans to fight inequality through what it describes as a “Reset of Capitalism.” This essentially means moving away from its traditional elite-centered capitalism involving the 1% richest or shareholders’ capitalism to “stakeholders’ capitalism.” The latter recognizes that companies that hold themselves accountable to their stakeholders and are more transparent will be more viable. Its essence is the capacity of the private sector to harness the innovative, creative power of individuals to generate long-term value for shareholders, for all members of society, and for the planet.
But inequality activists from countries like Kenya, Mexico, UK, South Africa, India, Chile, and the Philippines no longer believe that reforms and re-setting by the elite 1% could alleviate the worsening inequality in their countries. Thus, recently, they organized into an “Inequality Alliance,” demanding a People’s Recovery Plan as well as national demands from government. Last week, protest actions were held in several countries.
On # 2, or what can be done at the people’s level, are innovations such as building sustainable cities, now being implemented in places like Amsterdam. These are projects directed to architects, builders, and groups of citizens committed to the goals of environment- friendly housing, energy, and food security.
Start-up enterprises initiated by organizations, People in Need (PIN) implemented Enhancing Sustainable Income in the Philippines (ESIP) projects in agriculture like producing cassava, ginger, calamansi in Samar.
South Korea and Thailand are two that come to mind in terms of having been able to rally their people during times of need, such as during the 1997 financial crisis. Both their economies almost collapsed but they were able to successfully survive the crisis because of a “sense of shared national purpose and willingness to sacrifice and endure hardships. South Koreans rallied by spending less, saving more, and being more competitive, Stories are told about Thai families coming together and donating personal effects, including jewelry, to help the less fortunate.
As they say, a crisis drives a people to seek solidarity with their fellowmen. And that people thrive and are forced to innovate and create, in a crisis.
My email, [email protected]
Dr. Florangel Rosario Braid
Admitting that the country today is “sinking deeper and deeper” and losing P2 billion a day due to COVID-19, President Duterte asked his economic managers to present a clear plan to address the high inflation and the worsening crisis. Senate Minority Leader, Franklin Drilon agreed with the President, saying let us face this as a nation as failure to address this could have more serious consequences.
These challenges are addressed to (1) legislators and economic managers; and (2) the Filipino people
On #1, the priority as gleaned from public opinion, is how to provide a satisfactory response to the pandemic. The country today ranked 79th out of 98 countries in ability to fight the COVID-19 pandemic. Among measures suggested is to work hard in increasing people’s confidence in the government’s vaccination program and to be more aggressive in addressing red tape and corruption. Congress must then devote its limited time to legislation that directly responds to these concerns. Among others, this means providing solutions to the concerns of 90% of labor affected by lockdown, the 2.2 million families which experienced “severe hunger,” poverty which is expected to increase by up to 44%, the closing of 90,000 small and micro industries and shutdown of 3,000 companies which had affected over 100,000 workers.
Government is likewise expected to confront with utmost sense of urgency the problem of seeking solutions to existing inequality. A common perception is that this is believed to be the primary cause of poor response to the pandemic and worsening economy. And that we must therefore start questioning our state of liberal capitalism that is believed to be the root cause of widening disparities. World Economic Forum 2021, the Davos meet, which is now meeting in Singapore, plans to fight inequality through what it describes as a “Reset of Capitalism.” This essentially means moving away from its traditional elite-centered capitalism involving the 1% richest or shareholders’ capitalism to “stakeholders’ capitalism.” The latter recognizes that companies that hold themselves accountable to their stakeholders and are more transparent will be more viable. Its essence is the capacity of the private sector to harness the innovative, creative power of individuals to generate long-term value for shareholders, for all members of society, and for the planet.
But inequality activists from countries like Kenya, Mexico, UK, South Africa, India, Chile, and the Philippines no longer believe that reforms and re-setting by the elite 1% could alleviate the worsening inequality in their countries. Thus, recently, they organized into an “Inequality Alliance,” demanding a People’s Recovery Plan as well as national demands from government. Last week, protest actions were held in several countries.
On # 2, or what can be done at the people’s level, are innovations such as building sustainable cities, now being implemented in places like Amsterdam. These are projects directed to architects, builders, and groups of citizens committed to the goals of environment- friendly housing, energy, and food security.
Start-up enterprises initiated by organizations, People in Need (PIN) implemented Enhancing Sustainable Income in the Philippines (ESIP) projects in agriculture like producing cassava, ginger, calamansi in Samar.
South Korea and Thailand are two that come to mind in terms of having been able to rally their people during times of need, such as during the 1997 financial crisis. Both their economies almost collapsed but they were able to successfully survive the crisis because of a “sense of shared national purpose and willingness to sacrifice and endure hardships. South Koreans rallied by spending less, saving more, and being more competitive, Stories are told about Thai families coming together and donating personal effects, including jewelry, to help the less fortunate.
As they say, a crisis drives a people to seek solidarity with their fellowmen. And that people thrive and are forced to innovate and create, in a crisis.
My email, [email protected]