Healthcare Versus Economics

It's hard to debate on a topic as loaded as healthcare or economics; surely it's important for people to feel safe in both scenarios. Unfortunately, with the way the choice is presented to us sometimes, it can come across as an either/or representation. However, some argue that choosing between the two is actually a false dichotomy.

Ronald Mendoza, Dean at the Ateneo School of Government says that countries who have boosted healthcare systems and implemented more effective test-trace-treat systems are better able to mitigate the risks of opening up the economy. Looking at it through the lens of New Zealand,  a country which has been highly praised for its effectiveness in flattening the curve, we can observe that although they did take an economic hit during their lockdown, they were also able to quickly rebound in the 100 days when there was no community transmission. This shows a proper V-shaped recovery.

New Zealand economist, Shamubeel Eaqub, also argues that countries who have implemented successful lockdowns (which were able to curb the virus) are doing much better economically than countries who have not been able to do so. He also stated that if the virus gets out of control (in New Zealand), that their (local) economy would also have taken a much bigger hit in the long-run. 

Of course, it is very important to view such restrictions in the context of the Philippines and not New Zealand. People must be cautious against a one size fits all response, considering that each country has its own advantages and limitations. However, in a recent journal article published on 16 May 2020, researchers suggested that instead of juxtaposing economic activity against epidemiological risk, it would be better to view it in a more balanced perspective of "acknowledging socioeconomically determined risk alongside epidemiological risk". 

Read also: MECQ, GCQ, And More: Are Lockdowns And City-Wide Quarantines Truly Helpful?

Technological Advancements

One of the biggest advantages we have today is the number of technological innovations available. This is not only beneficial for the field of medicine, but it can also help uplift the economy. A few people have been managing to work at home quite well, leaving them at a comfortable position of staying safe while being able to generate income. 

Lately, there's also been a surge in e-commerce. Nowadays, social media and the Internet aren't just used for advertising, it can also be used as a direct-to-buy shop. These include Instagram stores started by entrepreneurial minds, as well as online platforms such as Lazada and Shopee (which will soon be taxed because of its popularity among consumers). 

Service apps can also be a big help in boosting the economy. Plenty of people now rely on such to go shopping, get food delivered, and even look for services (such as home-cleaning or repair). Apps that offer services on demand (like MyKuya or Grab) are helpful not just for merchants, but consumers and job seekers as well.

Of course, it's important to acknowledge that not everyone has access to technology or the Internet. Many people still rely on jobs that require them to be outside or to help others who need things done while being socially distant. This brings us back to why it is so important for us as a country to be able to better mitigate the situation outside our homes. We need to be able to balance both aspects so that everyone can benefit from a stable economy as well as a safe and healthy environment.