We must hold on

IT is absolutely no consolation or comfort to those who have had loved ones become ill or succumbed to Covid-19. It is absolutely no relief to those that are in grim financial condition because of the quarantines.

But as American author and disability rights advocate Helen Keller said: “The world is full of suffering. It is also full of overcoming.”

The massive increase in cases since the beginning of March and the equally abhorrent increase in deaths will hopefully be a wake-up call for all of us. The statistics show that we did not take responsibility for our own health and safety and the health and safety of our loved ones. The data shows that.

People over 60 years of age have been warned since the beginning that they are at the most risk and the 65-year-old cohort has been under strict quarantine. The 60-year-old and above group accounts for 18.3 percent of all cases. Yet, 49.3 percent of the deaths occurred in the 65 and above age group, and 63 percent of those that succumbed to Covid were 60 years old and above.

By contrast, more than half—54.3 percent—of the cases were in the 25 to 50 age group. Only 15. 6 percent of the deaths were recorded in the 25 to 50 age group.

If the senior citizens were quarantined and followed health protocols, where did they get the virus that killed many of them? From the statistics, it would appear that the children and grandchildren were not protective enough of their elders. How else can you explain the wide difference between the percentage of cases in the below 50 age group versus the number of cases in the elderly?

The financial hardship is dependent on the health aspect. The two issues cannot be separated. The viral epidemic in the Philippines will eventually end based on time, natural herd immunity, and as more people are vaccinated.

Ultimately, the government has limited financial capabilities to help the people. The longer the epidemic runs, the more suffering and the more difficult it becomes for government to mitigate the hardship.

However, as bleak as the outlook appears to be, the larger reality is that we have seen a glimmer of light at the end of the economic tunnel.

The third quarter of 2020 saw the Philippine economy frozen. Virtually nothing was moving. During the last three months of the year—the fourth quarter—quarantine restrictions started loosening. Private business has two critical inputs to the economy: companies pay wages to employees and taxes to the government. Jollibee Foods Corp. posted a net loss of P11.51 billion for 2020. Yet, “Jollibee was able to swing to profit in the 4th quarter.” Granted, a sizable portion of the profit was foreign generated. But a major property developer reported, “Real estate sales grew by 22 percent in the fourth quarter with reservation sales up 85 percent quarter on quarter.” Another P1 billion-revenue company with only local operations was able to see “revenues increased 58 percent during the last three months of the year.”

“Banks’ bad loans hit 11-year high” and in February, “the highest in more than 11 years.” But “Moody’s Investors Service has raised the outlook of Philippine banks to stable from negative.” Further, “loan disbursements by Philippine banks are seen recovering this year, according to S&P Global Ratings.”

The situation is dire but not hopeless. We must all work together to conquer our health and financial troubles.