OUR government is trying to do a balancing act on a tightrope. On one hand is the health issue and on the other hand is the ailing economy. With the resumption of classes, the cost of educating the 29.2 million students in public schools for the year 2020-2021 is getting a big chunk of the national budget.
According to the Department of Education, our government has a budget of P27 billion for the purchase of laptops; P700 million for internet connectivity; and P9 billion for modules.
Asian Development Bank’s updated economic forecasts for Asia and the Pacific, taking into consideration the impact of Covid-19, are grim. Developing Asia is now projected to grow by only 0.1 percent in 2020, which would be the lowest regional growth outcome since 1961. The Philippines Growth Domestic Product plunged to 3.8 percent from 6.3 percent in 2018.
Trading Economics report: June quarter showed the deepest quarterly contraction on record as the pandemic took a huge toll on the economy with a decline of 5.1 percent from 15.2 percent in the first quarter. Industry output collapsed (-21.7 percent vs. 8.4 percent in the first quarter) mainly due to manufacturing, construction, mining, quarrying and electricity and water management. Services plunged 14.5 percent following a 5.1 percent drop in the prior quarter, driven by transportation and storage, trade and other services. Meanwhile, agriculture, forestry and fishing rose by 1.2 percent after a one percent drop in quarter one. On the demand side, household consumption tumbled 14.5 percent driven by transport, restaurants, hotels, recreation and culture.
The fate of our economy is very much dependent on the development taking into consideration the efficacy and safety of the Covid-19 vaccine.
Michael Kinch, author of the book “Between Hope and Fear: A History of Vaccines and Human Immunity” said that the book reveals the ominous reality over our victories against vaccines — preventable diseases are not permanent and could easily be undone.
“Vaccines are the greatest lifesaver in modern society. It tells stories of conquests of historical plagues (smallpox, diptheria, polio) and research into preventing today’s deadly infections (Aids, tuberculosis, dengue and ebola).”
Russia’s unwritten intention of conducting the third phase of its clinical trial here in the Philippines is unthinkable. Russia has declared that its vaccine will be made available soon to Filipinos even if it has not yet completed the third and final phase of its clinical trial. Please do not make us your guinea pigs.