THE world figuratively loses velocity in its economic revolution caused by Covid-19 pandemic. To secure its own citizens, many countries regulated flights from and to the countries identified as high risks with the disease. The massive cancellation of flights, travel and summit bans already hurting the tourism and manufacturing industry, hit the labor sector and the economy as a whole both in the country and the world.
In the country: Tourism with its allied services like hotel and restaurant, travel agencies, cruise ships and airlines, is forecasted to lose 7,000 jobs within the next six months according to the Trade Union Congress of the Philippines.
In the world: Factory closures in China already have chilling effects to the neighboring countries. Like China, soon many multimillion companies in the world will enforce work holidays, forced leaves, voluntary separation schemes, work from home arrangements, retrenchment, and even ceased its operation to cripple more the labor sector.
Covid-19 anxiety also plunged the world stocks market down by 11 percent since last week which is the worse that happened since the 2008 financial crash. What does it mean to the Philippine economy? Most of these investors are Europeans who represents the large market of Philippine export. As a domino effect, Philippines as it continue exporting its products will engross into lower price and in effect suffer from low margin to perceptible losses.
Oxford Economics warned that the world will lose US$1.1 trillion to Covid-19 this year. The same amount as Indonesia, the world’s 16th largest economy is producing.
On the brighter side, the Commission on Audit (COA) reported on October 2019 that Davao city has P16.2 billion annual incomes, setting its rank as 7th richest city in the country. This is half only to Cebu who ranked 3rd owing to its seaports vast income contribution.
Davao with its wide streets compared to other cities at the top of income, is no doubt, will soon soar high into proximate top with the implementation of new traffic codes to increase its income.
One of the commendable new sources of income: Recently, the CTTMO reported that the public Pay Parking collection reached close to P3 million since the new traffic code was imposed in January on the seven busy streets in the city.
The good collection encouraged the authorities to include more streets in the Pay Parking zones. Well, congratulations brilliant 18th council under the headship vice mayor Baste Duterte who knew Davao’s potential to the molecular level. To the collecting operatives, job well done!