The COVID-19 pandemic emphasized the role of agriculture in Philippine economy. When import and export grounded to a halt due to strict social distancing measures, it showed the need for the country to be self-sustainable. With this in mind, the government aimed to strengthen the agricultural sector.
Reviving the agriculture sector during the pandemic
Fintech plays an important role during the COVID-19 pandemic, helping the public meet their day-to-day needs in a safer way. Due to the restrictions imposed by the government, digitalization has made it possible for people not to go out because what they need is being delivered to their doorstep or done on a device.
But as the COVID-19 cases continue to rise, technology, especially fintech, plays a vital role in making sure economies and lives are intact during the pandemic.
Technology has shown a clear impact in businesses and in our daily lives, advancing various industries throughout the years. The financial industry is no exception with fintech companies emerging to provide innovative digital solutions. But how far have we gone in digitizing the financial sector in the last decade?
Know more about the recent developments and learn how fintech helped advance the industry here!
The pandemic heavily affected the agriculture and business sector. This resulted in MSMEs closing down while farmers are having trouble delivering their harvests, resulting in loss of income.
And during this difficult time, what can we do to support them?
Helping MSMEs in the Philippines
The importance of agriculture is seen more clearly with the outbreak of the 2019 coronavirus. With some countries closing down their borders, countries can no longer rely on imports to ensure food supply. This is why the Inter-Agency Task Force on Emerging Infectious Diseases (IATF-EID) approved a Php 31-Billion supplemental budget to the Department of Agriculture (DA). This will fund their Plant, Plant, Plant initiative to ensure agricultural development and food production in the Philippines.
The pandemic has impacted almost every part of the economy, which has already seen companies furlough employees, close stores, and miss out on funding. With social restrictions imposed, people stuck in their homes, schools have stopped classes, and some companies are experiencing a phase of stagnation, has this become the new “normal” for us?
It’s easy to wallow onto the dark side of things when everyone is struggling. But if we dare to look closely, we will see there is a silver lining too — an opportunity to adapt and innovate as we utilize digitalization for COVID-19.
The pandemic might have affected all of us. But it’s bringing light to the one thing we all need to adapt: digitalization. …
Digitalization and technology has progressed, innovating and becoming a daily part of our lives over the last decade. As such, digitization helped bridge and solve problems in various industries, especially the financial sector. This resulted in businesses and companies adapting digital solutions for their benefit, staying competitive in an ever-changing market.
With the world on lockdown because of the coronavirus outbreak, the normal busy and noisy life of Filipinos has ground to a halt. The majority of the population is now under enhanced community quarantine and are strictly advised to remain in the safety of their homes for the coming weeks until the COVID-19 pandemic dies down.
Some workers and companies have the privilege to work from home and continue their business as usual.
But not every Filipino can afford to work at home, especially those who depend on day-to-day salaries. …
The Philippines is a well-known agricultural country, blessed with fertile 30 million hectares of land for farming and surrounding fresh sea waters that encourage healthy and sustainable fishing. Yet, our agricultural growth has been erratic and has been in steady decline for a decade.But why is the country’s lifeblood, the poorest and the most underserved industry the whole economy?The reasons for the decline are all too familiar issues: low productivity, limited product diversification, high production costs, and low government support relative to other sectors of the economy. Then comes the entrance of cheaper food imports and climate change that has brought periodic droughts and floods that devastated crops and livelihoods.But one of the primary hurdles of farmers in the Philippines is financial support. …
According to the 2017 Global Findex, a staggering 69 percent of Filipinos have no current and existing bank account. Compare that to the 105-M population of the Philippines that means 73,500,000 remains unbanked.
The absence of bank accounts limits the opportunities Filipinos have. When zoomed in to the situation, this means no capability to support further study of children, no money in case of any medical emergency, and no money to invest and grow on their own.
If we want inclusive growth in the Philippines, we need to start bringing more opportunities to the countryside and far-flung places. This is where rural banking comes into play. Rural banks show great potential in becoming a catalyst for financial inclusion in the country, promoting and expanding the rural economy by providing Filipinos in rural communities with essential financial…