COVID-19 and its Economic Impact

As 2019 ends, the whole world has turned upside down as the first outbreak of Coronavirus
Disease 2019 (COVID-19) was reported in Wuhan, China. As 2020 sparks, we are welcomed with a new
epidemic that resulted into global health concern and chronically threatened the lives of individuals. But
before anything else, what really is coronavirus?

Coronavirus is a type of common virus that infects humans, typically leading to an upper
respiratory infection and gastrointestinal symptoms. They consist of a core of genetic material
surrounded by an envelope with protein spikes (which gives to the appearance of a crown and that’s
how it got its name from Latin word corona). There are several types of coronavirus that already existed
and caused severe disease such as Severe Acute Respiratory Syndrome (SARS-COV) which was identified
in China in 2003, the Middle East Respiratory Syndrome (MERS-COV) which was first identified in Saudi
Arabia in 2012 and the Novel Coronavirus (N-COV) which was later on named Corona Virus Disease 2019
(COVID-19). It initially occurred in a group of people with pneumonia who’d been associated with the
seafood and live animal market in the city of Wuhan, China. Since then, it has spread from those who
were sick, to others including family members and has escalated within China and other countries. It is
known that coronavirus circulate in a range of animals and sometimes jump from animals to humans
caused by mutation of virus and increased contact between humans and animals. MERS-COV was
transmitted from camels while SARS-COV was transmitted from civet cats, however the COVID-19
animal reservoir is not known yet. In general, respiratory viruses are transmitted through droplets,
created when an infected person speaks, cough or sneezes or through something that is contaminated.
There is currently no specific medication and no vaccine that could protect us from the virus.

According to World Health Organization (WHO) official website, as of March 10, 2020, 110
countries in the world are affected with a total of 113,851 confirmed cases with 4, 015 deaths. In the
Philippines 33 individuals were confirmed to be positive to the virus. Due to the rising numbers, many
Filipinos have been concerned and agitated about the fatal disease. Recently, the president had signed
the General Appropriations Act with 438 billion national budget and only 172.37 billion is allocated in
the Department of Health. With the alarming increase of cases will the government be able to sustain
the health needs of Filipinos? Ever since the outbreak, it does not only prejudice the lives of individual
especially children, pregnant women and elderlies, in terms of health, it also has economic impact to the
Philippines. According to Asian Development Banks recent analysis  “The Economic Impact of the COVID-
19 Outbreak on Developing Asia” suggests that the Philippines “worst-case” scenario in the its GDP
would lose 0.59 percent, about $1.94 billion (P98.29 billion), and 252,130 would lose their jobs. The
government raised some precautionary measures such as banning travels, entering and leaving the
country. Industries such as business and trade, and travel particularly transport services and hospitality
have been hit hard. We all know that one of the biggest contributor to the Philippine GDP is the tourism.
Due to the virus, tourists have been hesitant and reluctant to visit the Philippines. Many people will lose
their jobs including those local people who relies on tourism in urban areas and employees because of
countless flights and hotel bookings canceled amid rising fears. On the other hand, its effect to the
inflation depends on the products needed by Filipinos for health sake. Prices of rubbing alcohols, soaps
and other products hikes, while oils and fuels price drops, this will drive producers to raise local supply
causing to lower prices of some goods
 In conclusion, we cannot stop the inevitable effects that COVID-19 brings to our economy.
However, we can still stop the transmission of the lowest mortality rate virus by following, observing
and obeying the precautionary measures and standard hygiene measures to minimize the spread of the
virus. These include covering your mouth and nose when sneezing, avoiding close contact with those
who are sick, appropriate use of masks, washing hands regularly with soap and water or alcohol,
avoiding unnecessary contact with animals, washing hands after contacting with animals and ensuring
that animal products are cooked thoroughly before consumed and if you have fever, cough and difficulty
breathing seek medical care early.