Friday, April 23, 2021

Covid 32, Continuing economic damage of indefinite lockdown

This morning, famous actress Angel Locsin held her own Community pantry (free food private donations), thousands came and there was a scuffle, one elderly died.
(These two photos I got from the web, none came from my camera.)

Angel Locsin sorry over birthday community pantry that turned into ruckus after an elderly died
Jan Milo Severo - April 23, 2021 - 12:37pm 

"Pero nagsimula naman kami na maayos talaga. Yung aking ramp, kung saan kami nagbibigay, ay may mga markers pa po para ma-observe ang social distancing at maka-follow po ng protocols. Nagpatulong din po kami sa munisipyo, sa barangay po, may mga pumunta din pong pulis at military na tumulong di po. 'Di lang nila makontrol ang mga tao. Hindi po ito ang gusto kong mangyari. Nagsimula po kami ng maayos. Nagkataon lang talaga na gutom lang po talaga ang mga tao na kahit wala sa pila sumingit na po sila,” she said.

Community pantry has sprouted in many cities and villages nationwide. People donating food items, put them in a public place near poor neighborhoods and poor households come. "Give according to capacity, get according to needs" is the guiding philosophy. Close to the communist motto, "From each according to his capability, to each according to his needs" that is why some jerks in the PH military started "red tagging" and harassment of these purely voluntary, civil society initiatives. Lousy military "intelligence." 

Private citizens helping their fellow Filipinos because government is expert in killing jobs and business via indefinite lockdown. Government also gives aid/ayuda but it is not enough because it goes through a maze of bureaucracies from national down to city/municipal to barangay and wastes and stealing occur along the way.

Recent reports on the evils of indefinite lockdown, from March 16, 2020 ECQ to present.

DOT wants NCR+ movement restrictions lifted
Elijah Felice Rosales - April 22, 2021 - 12:00am

However, travel attractions nationwide are hurting with the absence of tourists from Metro Manila, as locals fail to match the visitor arrivals and spending of guests from the nation’s capital.

Boracay Island, for instance, received just 970 visitors from April 1 to 18, as travelers from Metro Manila had to cancel their bookings for the month. In March Boracay welcomed a total of 17,400 tourists, its highest since reopening in October of last year.

New lockdown threatening economic recovery
Beatrice M. Laforga  April 22, 2021 | 8:15 pm 

“The uncertainties (as to duration and extent) arising from the new quarantine restrictions (Enhanced Community Quarantine, ECQ, as the most stringent) imposed by the government since Holy Week as COVID cases surged to new highs can sideswipe the still-fragile recovery,” First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) said in their April issue of The Market Call released Thursday.

P83B wages lost due to stricter lockdowns – NEDA
Kyle Aristophere T. Atienza  April 21, 2021 | 12:33 am

During a televised Cabinet meeting with President Rodrigo R. Duterte, Mr. Chua said about P19.6 billion in workers’ income is sacrificed for every week of enhanced community quarantine (ECQ), while P14.7 billion is lost for every week of modified ECQ (MECQ).

“Dahil two weeks na po ’yong ating ECQ at may madadagdag pa na almost three weeks na MECQ, so total of almost 5 weeks, ang epekto po sa ating tao ay (the effect on the people is) P83.3 billion in foregone wages,” Mr. Chua said.

PHL raises P122B from euro bond sale
Beatrice M. Laforga  April 23, 2021 | 12:34 am 

The Philippines took advantage of the low interest rates in the euro bond market, as it sold €650 million (P38 billion) worth of four-year global bonds, another €650 million (P47 billion) worth of 12-year notes, and €800 million worth of 20-year debt papers.

This was the country’s biggest and the first long-end euro bond sale ever. It previously issued only three-year, eight-year and nine-year papers.

Broken down, the four-year papers fetched a coupon of 0.25% or 75 basis points (bps) above the tenor’s euro mid swap, the 12-year papers were priced at 1.2% rate or mid swap +105 bps, while the 20-year notes yielded a coupon of 1.75%, 135 bps higher than the euro mid swap.

There. More borrowings to sustain more spending while revenues decline because of indefinite lockdown. 

End the lockdown.

See also:
Covid 29, CDC PH on WHO, Salvana attack of IVM, April 09, 2021 
Covid 30, Dr. Romeo Quijano on IVM and vaccine mania, April 11, 2021 
Covid 31, Articles arguing for lifting the PH lockdown, April 18, 2021.

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