THE IMPACT of the coronavirus disease 2019 (COVID-19) on the society and economy has been severe.  As of January 2021, the virus has infected more than 100 million worldwide and claimed the lives of around two million.  Moreover, economies around the world have been hit as lockdowns imposed by governments to curb the spread of the virus have constrained economic activity.

The Philippines, which has tagged previously as a darling of Asia, saw its economy contract by 9.5% in 2020 – the worst annual contraction in its history.  To put it into perspective, the surpassed -0.5% seen in 1998 amid the Asian financial crisis, as well as -7% in 1984 and -6.9% in 1985 – near the end of the Marcos regime.