Conclusion
IF there’s one good thing that came out of the monthslong quarantine, it’s the rise of many informal entrepreneurs who have been able to sustain the circulation of regional money,
albeit on a limited scale.
Where we live, enterprising neighbors have suddenly become cooks, bakers and retailers offering prepared or frozen foods, pastries, fruits, vegetables and household tools—all of whom have steadied the supply chain, giving economic movement to an otherwise bleak and isolated environment. This activity is not limited to our neighborhood. Other areas in the country, bereft of the much-needed day-to-day necessities made almost inaccessible by community quarantine restrictions, have witnessed the same phenomenon.
These suburban economic activities have also kept alive cashless commerce being offered by banks and other financial institutions. The cash-on-delivery payment option has been augmented by bank transfer transactions and such cashless conduits as PayMaya and G-Cash.
The isolation has brought out the creativity and resiliency of the oft-neglected middle class which, even when bypassed by the government’s social amelioration program, has found a way to earn decently by keeping commerce alive under the most trying conditions.
Perhaps what we are experiencing is a preview of the new normal where people-to-people commerce thrives. With 7.3 million Filipinos facing unemployment, according to the Philippine Statistics Authority, it’s about time that people realize that work can be found outside offices and construction sites: right in their own homes! The resourcefulness and creativity shown by the middle class can be replicated and even polished to benefit the country after the pandemic.
This is why the case study sent to me by students of the De La Salle University makes a lot of sense. The study advances the idea that everything can be done online. It illustrates the convenience and practicality of working inside the comfort of your own home. For instance, if you want to set up an advertising company, you just have to pool the talents of industry people. Graphic artists, writers, etc., can work together without physically being together. It’s much like the multi-track recording done by music companies. The singer and the band do not necessarily have to be physically together in recording a single track in the studio. They could be anywhere. The final cut is mixed, edited and enhanced by a recording engineer.
Such work-from-home business model could be a boost to online shopping and other Internet-based marketing platforms. In fact, Acting Secretary for Socioeconomic Planning and Director-General of the National Economic and Development Authority of the Philippines Karl Kendrick T. Chua believes that online shopping and other Internet-based marketing platforms will be key in the new normal. He says that cashless payment system and other financial technology programs would see an immense rise under the new normal.
According to Chua, “Businesses need to innovate and make full use of technology to resume operations, and cater to consumer needs and preferences by making online shopping easy, affordable, and secure for consumers, so that they need not go out to buy what they need and want.”
To do this, I believe that investments in information and communications technology will also have to be enhanced to meet the gush of online transactions and the consumers’ anticipation for reliable Internet connection. Financial institutions should also effect better cybersecurity measures to protect consumers and merchants alike. Also, e-commerce has to be efficient and affordable for it to sustain economic activities and drive growth, while the country recuperates from the impact of the pandemic.
Chua says that food safety laws, regulations and standards, as well as sanitation protocols must also be observed to address the shift in consumer preference characterized by the rising demand for safe and nutritious food. “The Financial Consumer Protection Bill,” he says, “will provide the regulatory framework to protect consumers and reinforce confidence in financial markets. Information and education campaigns on insurance policies must be disseminated to the general public so as to avoid confusion and misinformation.”
For comments and suggestions, e-mail me at mvala.v@gmail.com