Introduction
Our country has been encountering many challenges even before Covid19 pandemic happened like corruption, inflation, traffic, low salary, employment, high price of basic needs, drug war, the intensifying competition from globalization and regional integration, natural disasters, environmental degradation and climate change; and chronic poverty and increasing inequality. We didn't even foresee that worse challenges are yet to return.
As Covid19 pandemic approached the Philippines, our economy declined and a few of the challenges that we've been encountering go to pot. Since March 2020, many businesses had to shut because there have been no customers to buy their products and services because of the series of implemented quarantine actions where in people weren't allowed to travel outside and advised to merely lodge in home. a number of the companies lost profits and a few were even bankrupted and then many employees lost their jobs because either business owners need to cost-cut as a part of their strategy or they solely should file bankruptcy. In short, many folks nowadays are scuffling with financial challenges.
On the opposite hand, the globe Health Organization (WHO) stated that the COVID-19 pandemic means many people are staying reception and doing less in terms of social interactions and exercise which this will have a negative effect on our physical and psychological state. in keeping with WHO survey, this pandemic has disrupted or halted critical mental state services in 93% of nations worldwide while the demand for mental state is increasing.
This pandemic also encompasses a big impact on the standard of Philippine education system. the varsity year 2020-2021 has been delayed because of the changes in actions to forestall students from having Covid19 virus. Some articles stated that our country is completely "unprepared" in response to the challenges within the system of education
FINANCIAL
Financial inclusion acquires great importance during the pandemic and post-pandemic period. The economic condition caused by the pandemic is especially painful for low-income vulnerable population. an outsized a part of the poor population who were working informally has lost source of income because of lockdown.
To formulate new business plan / new products / or innovate products that may blend into the present situation and to return up with new strategies to succeed in the shoppers who value more highly to lodge in home and customers who are coping with financial challenges.
Strategies and Recommendations:
Formulate new products / new business
To create a possible product u need do some research on your community on what they have, an honest example of a replacement business to is to try to to home cooking advertise it to your neighborhood and your local area social media group. So whomp up your ancestorsβ recipe and flex your photography skills.
Alternative jobs
During this financial crisis, it's not safe to place all of your eggs in one basket. Trusting one source of income is difficult within the long term, especially with knowing how volatile the world economy currently is. Reflect on yourself and what you'll do. you ought to make the foremost of your knowledge and skills and leverage the most effective parts of yourself. Nowadays, it's crucial to possess a side hustle to boost the income sources you'll be able to use for your emergency fund
Emergency Loan
The government and therefore the private sector have touted loans and microfinancing as means to help the poor who are empty livelihood yet as businesses paralyzed by the continuing enhanced community quarantine β whether or not there's doubt that they'll have the means to pay back such debts.
Budgeting/cost-cutting
If you would like to thrive and survive, the most effective thanks to do so is to form a listing of expenses and organize them by the amount of priority. Which payments are non-negotiable? What are the items that you simply must have in your life so you'll survive? Frequently, essential expenses include food, rent, mortgage, utilities, and healthcare. For your pandemic budget, a solid plan would be to specialise in said essential expenses and temporarily set back on your want. In your budgeting, allocate 50% income for your needs. you ought to also use 25% for wants and add the remainder to an emergency fund.
Go Digital
Businesses should adopt proper digital strategy to be utilized in marketing and selling products and services. There are lot of social media platforms which will be accustomed make extra income like being an influencer on YouTube, Facebook, KUMU, and lots of other more. There are online jobs to use for like digital teaching, virtual assistant, customer service, encoder, online selling, transcriptionist, and website designer.
