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A. Background of the Problem (4)
--> Aira Wincess Maxima B. Tecson
B. Supporting Details (7)
--> Gabrielle Robyn C. Iroy
C. Conclusion/Reflection
--> Sophia Alysha A. Hagoriles

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Implication of Employment in the Economy

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Implication of Employment in the Economy

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Going to work, having jobs, contributing to society... Do we truly grasp the significance of labour and employment? The primary foundation of our economy is established upon the service each citizen exerts in order to keep our resources and money continuously circulating and prospering. It is the source of all income, revenue and production. In other words, with the subsistence of this aspect of society, we can earn money and spend money. It is the link that allows advancement and stipulates a way for consumers and producers to convey. If employment did cease to exist, the economy would not suffer for you wouldn’t even call it an economy without the existence of trade and livelihood.

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However, even with what was said earlier, the rate of unemployment in the Philippines has been crucially escalating. According to the Philippine Statistics Authority, it is estimated that the number of jobless individuals in the country has increased to a height of 7.3 million as of April 2020, which surges to a rise of 17.7%. If this continuous rise progresses furthermore, economy would start inefficiently operating and interior development would suffer.

In addition, results from labor force surveys has ascertained that the approximate population of the unemployed is still incessantly increasing by 8% . On the bright side, labor participation has strived to slightly improved by 1.3%.

Retrieved:

https://psa.gov.ph/statistics/survey/labor-and-employment/labor-force-survey#:~:text=Unemployment%20rate%20rose%20to%2017.7,Employment%20Situation%20in%20April%202020

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What does it mean if unemployment rates increase? In a nutshell, it would mean the decrease of human capital & productivity and the increase of political & social instability. The Gross Domestic Product of the country would decline and in general, lower incomes and lower outputs will start to administer. In the personal approach, an unemployed individual would earn a lower (or none at all) income, reduce the sense of value, and be more prone to homelessness and hunger. This is in fact, the main source of poverty. Eventually, the unemployed’s future prospects will be affected in the process known as the hysteresis effect, further worsening the situation.

In the category of the political costs, tax revenue would diminish while government borrowing would thrive. Less citizens would start paying taxes thus also lowering the VAT. Furthermore, social problems would start to resurface once more such as conflicts abound stress and health. The poverty that the unemployed has accumulated would make them potentially exposed to acts of crime and integration of vandalism. The last complication and the one more likely to cause a big impact on economy would be the coherent and inefficient utilization of resources and finances.

Retrieved:

https://www.economicshelp.org/macroeconomics/unemployment/costs/

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Production is administered by the predominant factor of human labour. One of the most vital components in producing products and services is the input of resources and its combination of human services. We are the main manufacturers of what we correspondingly consume so in a logical definition, without the means of producers (the employees), we have nothing to consume.

Even if we say that industrialization often substitutes human labour with machines and technology, the cooperation and involvement will always be evident. We need employees that will service the economy with labour productivity in order to maintain production levels. In conclusion, employment is a fundamental input to resource our output.

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In year 2018, the Philippines had PhP 10,481 as the amount of poverty threshold. It was the average income needed to meet both basic food and non-food needs of a family of five in a month.
For the year 2020, the start of the lockdown last March signaled the halt of almost all economic activities. Many who are daily wage earners lost their capacity to purchase even the most basic of needs - food.

The World Bank projects the country’s poverty rate to rise to 22.4 percent in 2020 from 20.5 percent in 2019.

Retrieved:

https://psa.gov.ph/poverty-press-releases/nid/138411

https://business.inquirer.net/308776/world-bank-sees-3-million-more-filipinos-unemployed-poor-this-year/amp

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When there is no income coming in, it is not possible for an individual or a family to sustain spending. Consumption and spending is a main driver of a country’s economy. It is also a factor in computing for a nation’s GDP.

At our present situation, there is a fear to spend since it is uncertain when will the pandemic ends. It is also uncertain to those who are still employed until when they can hold on to their jobs since a lot of businesses are closing down.

The Philippines is the country with the longest lockdown and the economy is in recession. “With the bulk of the economy under mobility restrictions, GDP fell by 10% Year-on-Year for the first nine months of the year with substantial contractions experienced by the main driver of economic growth, household consumption.“

The decrease in the purchasing power of people results to the decrease demand level in economy. Consequently, it affects the growth of the economy.

Retrieved:

https://www.google.com.ph/amp/s/think.ing.com/amp/article/philippines-economic-slump-to-continue-as-momentum-fades/

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It is ideal if all can regularly track their expenses, save part of their income and to maintain the practice of financial discipline. However, this is not the case for most Filipinos because there are many who have no income to start with. This is aggravated by unplanned spending and financial illiteracy. The result is to borrow from family and friends and to toke out loans from financial institutions. Paying these debts is another story altogether.

This scenario is common to address the needs of a Filipino family. Borrowing money is equivalent to coping and is already a way of life.

Retrieved:

https://www.manilatimes.net/2016/03/07/business/filipinos-personal-debt-on-the-rise/249022/amp/

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Worker displacement is the separation of workers to their jobs or termination of the employment relationship. Based on the last figure released by the Department of Labor and Employment, there are around 3.8 million retrenched and temporarily displaced workers.

In our present situation, the pandemic forced companies to adopt flexible work arrangement or alternative work scheme paying only for hours deemed rendered by their Human Resource Department and there are companies which temporarily closed.

Retrieved:

https://www.pna.gov.ph/articles/1125057

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Soaring Numbers of Migrant Workers (OFW) Repatriated

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Soaring Numbers of Migrant Workers (OFW) Repatriated

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The COVID-19 pandemic brought to a halt significant areas of global economy and hundreds of thousands OFWs have been forced to repatriate. “Based on August 2020 reports from the Bangko Sentral ng Pilipinas, OFW remittances fell by a total of USD 840 million (PHP 42 billion) from March to June 2020 compared to the same period in 2019.”

Up until to this date, there are OFWs who are returning back to the Philippines with no sure jobs or livelihood to speak of.

Retrieved:

https://blogs.lse.ac.uk/seac/2020/10/08/a-heros-welcome-repatriated-overseas-filipino-workers-and-covid-19/

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Low Enrollment Rate in Private Schools for Academic Year 2020 - 2021

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Low Enrollment Rate in Private Schools for Academic Year 2020 - 2021

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There are a lot of Filipino parents who believe that education is their legacy to their children. However, many have grappled with the economic effects of the pandemic. Lifestyles have been modified, quality of life severely affected and part of that is the educational institution parents have chosen for their children. “748 out of 14,435 private educational institutions, which opened last academic year suspended operations for academic year 2020 to 2021, a move affecting 3,233 teachers and 40,345 learners.”

Parents have opted to transfer their children to government-run schools to get free education. This move would open up spending budget allocated to tuition and then be used to other necessities instead.

It is also a burden to buy a laptop and spend for internet provider when food and other basic needs suffer.

Retrieved:

https://www.cnnphilippines.com/news/2020/9/9/Private-schools-temporary-closure-DepEd-.html

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Jeepney drivers take to the street to beg 

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Jeepney drivers take to the street to beg 

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It is heartbreaking to see jeepney drivers, father and breadwinner of the family, begging along deserted streets and avenues of Metro Manila to provide for their families. They have sought financial aid since they cannot ply the routes - due to the total lockdown - they usually do to earn their living.

Retrieved:

https://www.google.com.ph/amp/s/news.abs-cbn.com/amp/news/06/07/20/mga-jeepney-driver-sa-maynila-nangangalakal-ng-basura-at-namamalimos-na-rin

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There is no denial that the pandemic took a lot from us -- one of those being the occupation of some citizens. They have no choice but to remain impotent until they find a job that they could accommodate at home, or just wait until everything’s back to normal, which obviously isn’t soon. Consequently, this has led to poverty thresholds to rise, low amounts of consumption, personal debts, scores of repatriated OFWs, reduced income and displaced workers. Students, too are affected for no or reduced amounts of income has led to low enrollment rates for this academic year.  Our economy’s primary underlying basis that keeps it flowing and source of remuneration all relies upon people’s labor and service.

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The increase in unemployment rate in the Philippines caused a big downfall in our economy, and the longer this continues, the more repercussions we experience as a nation. Therefore, in the face of unemployment, we have to eliminate its primary reason for surging, which is the pandemic. Acting in accordance with the guidelines, wearing a mask, disinfecting and staying at home is already a big help. Encouraging and educating your peers to do so is too, I may add. We cannot directly reduce unemployment rates, but we should be critical of who can, which is the government. We have to be aware of our economy’s state and see how the government acts upon it, and it is also our right to judge it. Furthermore, although we are in no power to give those redundant jobs, we can still help by donating to donation drives for them, for these drives are their only source of basic needs. Lastly, online shopping has been quite the convenience for those who can access it. Supporting online businesses of those citizens who have recently been displaced from their jobs would be a big help towards them.