How do Filipinos cope with the prevailing economic crisis?

It’s been said that one’s character will be put to test when he is faced with difficulties in life. This universal notion holds true, particularly to those who have been experiencing challenges and hardships in life. Undeniably, the lives of the Filipinos have been on a roller coaster, and it has always been like this. Challenges of any form keep besetting us which again have put our resilience and positivity to test. 

As has been said, misfortunes are inevitable while we are still alive. They are our twins the moment we were born. Some of these challenges and misfortunes are results of human manipulation by opportunists while some of these are nature in itself and beyond our control. 

Facing these hard circumstances in life, how do the Filipinos respond and deal with these challenges? What are the coping mechanisms employed by the Filipinos to weather these challenges? 

In this post, we will discuss how the Filipinos are dealing with these prevailing challenges they are facing. These economic crises can be contributed to the following: 

Effects of pandemic 

The COVID-19 virus may not be that deadly as compared to the past couple of years, but it has left the Philippine economy crushed. As a result of this global health crisis, thousands of Small-Medium-Enterprises (SMEs) have been forced to cease operations rendering millions of Filipinos jobless. 

Fortunately, some of these SMEs have already resumed operations. Effects of Ukraine-Russia War Another factor that contributed to the country’s struggling economy are the effects of the ongoing wars involving Ukraine-Russia. 

Just recently, in Cebu City Philippines, a modern bus operator with a fleet of modern buses plying major roads in Cebu City, has been forced to cease operations due to economic effects brought about by the ongoing Russia-Ukraine war. Its hundreds of employees consisting of drivers and conductors have added to the unemployment rate in the country. 

These ongoing wars between these states have forced thousands of Filipinos working in these countries to return home. Israel-Hamas War Just over a month ago, another war broke out between the states of Palestine-Israel which as of this moment has already claimed thousands of lives. 

To avoid getting caught in the ongoing Israel-Hamas war, the Philippine government has imposed forced evacuation on the Filipinos working in these States at war. 

Against their will, these Overseas Filipinos Workers have been forced to return home thus adding to the unemployment rate in the country leaving behind their dream respective employment that could have made their families’ future bright: send their children to schools, build decent house, invest in real property, or start a family business but all of a sudden their dreams for the future of their families shattered with these unfortunate events. 

Prices of basic necessities

The increased prices of basic necessities, particularly prices of rice, have already affected millions of Filipinos. 

Since the majority of Filipinos just earn a minimum wage of P500-700 pesos, depending on the classification of cities and municipalities. 

These minimum wage thresholds are way below the middle income. And sadly, in the country wage hikes are hard to come by, and if they do, just could not negate the effects of the soaring prices of basic necessities. 

Any increase in the prices of basic necessities, surely, it will be the millions of Filipinos that will be badly affected. The Philippines, whose majority of population is below middle income, has suffered economically the past months caused by the aforementioned factors. 

Philippine Paper Bill

Another economic burden on the Filipinos was the recent increase in fare of public transportation in the Philippines. Heeding to the calls of public transport operators, the government agency has approved a fare increase in public transportation by P1.00, a small amount but when accumulated it can already buy a kilogram of rice enough to feed for a meal of a family. 

To some, the Ph 1.00 may be very small, but to the majority of the Filipinos it matters whose daily earnings are just P500 to 600 pesos or below $15 US dollars. 

With the lingering economic crisis in the country, prices of basic commodities like rice, fish, canned goods and other basic needs are skyrocketing. 

Just months ago, the prices of rice per kilogram in the country used to be from P40 from the past months to P60 plus at current prices in the market. 

Effects of wars Undeniably, the current Philippine administration is facing various problems with basic commodities such as rice. The soaring prices of basic necessities can be attributed to several factors foremost of which are the ongoing Israel-Hamas and Ukraine-Russia wars. 

Though these countries in armed conflicts are thousands of miles away from the Philippines, their economic effect on the Philippine economy is felt particularly among millions of Filipinos. 

 As the Philippine government’s fear of getting caught in the crossfire, thousands of Overseas Filipino Workers (OFWs) have been repatriated from these countries thus adding burden and increasing the unemployment/underemployment in the country. 

 Any war involving states does not only affect combatants and the countries involved. It has far-reaching economic effects on other countries such as the Philippines. 

 Government intervention 

To weather the economic crisis in the country, the government has implemented effective and timely intervention to bring down the prices of these basic commodities. 

The Philippine government has provided subsidies to the rice sellers in exchange for bringing down the prices of these prime commodities but to no avail. 

Prices of the country’s staple food have further aggravated. It is during this challenging time where the Filipinos’ virtues of resilience and positivism have been put to test. 

Since time immemorial, the Filipinos have been through with the best and worst in life such as destructive calamities, social problems like illegal drugs, constant soaring of prices of basic necessities, hunger and other problems that have threatened their existence and yet they are still alive and kicking. 

Time and again, the Filipinos will always rise from the ashes. They have these innate, distinct virtues that enable them to deal and overcome any forms of hardships and challenges in life. 

Author: Samuel A. Escabarte is a licensed English Language and Literature teacher. You may support this small website as I share with you the historical events, culture, and traditional practices of my small, yet beautiful, culture-rich country, the Philippines.