Senator Sonny Angara said the government cannot afford to be complacent in addressing the impacts of the COVID-19 on the economy after Philippine Airlines laid off 300 of its ground staff.
“We have been spared from the deaths caused by the COVID-19, but sadly the pandemic has taken away the jobs of 300 hard-working men and women of our country’s flag carrier, Angara said.
He said there was no end in sight yet and more countries were implementing drastic measures to keep their citizens safe, including the Philippines.
“Our authorities should prepare for the worst and insulate not only our people from the virus-but also our industries from being downed by COVID-19,” Angara said.
Markets have shuddered as the coronavirus spreads worldwide, but analysts doubt it will plunge economies into a crisis like the one that followed the 2008 Lehman Brothers investment bank failure.
Where will the market slide end?
Stock markets held up fairly well in the first weeks of the coronavirus outbreak in China, but fell sharply when a large number of cases were reported in Italy. In one week more than half a year of gains were wiped out in a brutal swing reminiscent of the financial crisis more than a decade ago.
Yet analysts note that such abrupt market corrections”•a swift drop of at least 10 percent from a recent peak”•have happened nearly every year over the past decade.
As a first step, Angara said the Labor department should be conducting a survey of all companies laying off workers due to a slowdown in economic activity, be it COVID-19-related or not.
Not all companies are the size of PAL, which could afford to provide separation packages to its affected employees.
Angara said there were smaller players, particularly those in the tourism sector such as the tour guides, bed-and-breakfast operators and vehicle rentals who needed the foreign visitors to put food on their tables.
“For our countrymen who lost their jobs over the losses incurred by their companies or sector, there is financial help from our Department of Labor and Employment that can be used while they are still looking for jobs,” Angara said.
Under the 2020 General Appropriations Act, the department has P112.62 million for its Adjustment Measures Program and P6.8 billion for its Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers or TUPAD.
“These programs give temporary help. It is more important to have more industries in each region, town or community that would continuously give jobs to our people and help boost the economy,” Angara said.
“Now more than ever our entire government should work together in making our domestic industries stronger, more competitive, productive and resilient.” with AFP