Republic of the Philippines

Bulacan State University

Bustos Campus
Poblacion, Bustos, Bulacan

In partial fulfillment of the requirements in

Principles of Economics
(IE 203)

Submitted by:

ANICAS, JERIMI, V.
BSIE-2C

Submitted to:
Maria Celia G. Sarrondo, LPT.
Subject Teacher
Don’t forget to cite the source of the information you will include in your
answer.

What is coronavirus disease?

A new respiratory virus called the 2019 Novel Coronavirus, or COVID-19  is
making headlines for causing an outbreak of respiratory illness throughout the
world. The outbreak began in Wuhan, Hubei Province, China and quickly spread
internationally – including to the United States. Thousands of people have
become sick and public health officials are keeping a close watch on how the virus
is spreading.

Coronaviruses are a large family of viruses that are actually common

throughout the world and can cause respiratory illness in people and animals.
There are several known coronaviruses that infect people and usually only cause
mild respiratory disease, such as the common cold. However, at least two
previously identified coronaviruses have caused severe illness — Severe Acute
Respiratory Syndrome (SARS) coronavirus and Middle East Respiratory Syndrome
(MERS) coronavirus. 

Enumerate at least three WORLDWIDE EFFECTS of Covid-19

COVID-19 (Coronavirus) has affected day to day life and is slowing down the
global economy. This pandemic has affected thousands of peoples, who are either
sick or are being killed due to the spread of this disease. The most common
symptoms of this viral infection are fever, cold, cough, bone pain and breathing
problems, and ultimately leading to pneumonia. This, being a new viral disease
affecting humans for the first time, vaccines are not yet available. Thus, the
emphasis is on taking extensive precautions such as extensive hygiene protocol
(e.g., regularly washing of hands, avoidance of face to face interaction etc.), social
distancing, and wearing of masks, and so on. This virus is spreading exponentially
region wise. Countries are banning gatherings of people to the spread and break
the exponential curve.1 , 2 Many countries are locking their population and
enforcing strict quarantine to control the spread of the havoc of this highly
communicable disease.

COVID-19 has rapidly affected our day to day life, businesses, disrupted the world
trade and movements. Identification of the disease at an early stage is vital to
control the spread of the virus because it very rapidly spreads from person to
person. Most of the countries have slowed down their manufacturing of the
products.3 , 4 The various industries and sectors are affected by the cause of this
disease; these include the pharmaceuticals industry, solar power sector, tourism,
Information and electronics industry. This virus creates significant knock-on
effects on the daily life of citizens, as well as about the global economy.

Presently the impacts of COVID-19 in daily life are extensive and have far reaching
consequences. These can be divided into various categories:

 A)

Healthcare

o • Challenges in the diagnosis, quarantine and treatment of suspected

or confirmed cases
o • High burden of the functioning of the existing medical system
o • Patients with other disease and health problems are getting
neglected
o • Overload on doctors and other healthcare professionals, who are at
a very high risk
o • Overloading of medical shops
o • Requirement for high protection
o • Disruption of medical supply chain
 B)

Economic

o • Slowing of the manufacturing of essential goods

o • Disrupt the supply chain of products
o • Losses in national and international business
o • Poor cash flow in the market
o • Significant slowing down in the revenue growth
 C)

Social

o • Service sector is not being able to provide their proper service

o • Cancellation or postponement of large-scale sports and
tournaments
o • Avoiding the national and international travelling and cancellation
of services
o • Disruption of celebration of cultural, religious and festive events
 o • Undue stress among the population
o • Social distancing with our peers and family members
o • Closure of the hotels, restaurants and religious places
o • Closure of places for entertainment such as movie and play
theatres, sports clubs, gymnasiums, swimming pools, and so on.
o • Postponement of examinations

This COVID-19 has affected the sources of supply and effects the global economy.
There are restrictions of travelling from one country to another country. During
travelling, numbers of cases are identified positive when tested, especially when
they are taking international visits.5 All governments, health organisations and
other authorities are continuously focussing on identifying the cases affected by
the COVID-19. Healthcare professional face lot of difficulties in maintaining the
quality of healthcare in these days.

DISCOVERIES ON ITS CURE

Today WHO listed two versions of the AstraZeneca/Oxford COVID-19 vaccine for
emergency use, giving the green light for these vaccines to be rolled out globally
through COVAX. The vaccines are produced by AstraZeneca-SKBio (Republic of
Korea) and the Serum Institute of India.

WHO’s Emergency Use Listing (EUL) assesses the quality, safety and efficacy of
COVID-19 vaccines and is a prerequisite for COVAX Facility vaccine supply. It also
allows countries to expedite their own regulatory approval to import and
administer COVID-19 vaccines.
“Countries with no access to vaccines to date will finally be able to start
vaccinating their health workers and populations at risk, contributing to the
COVAX Facility’s goal of equitable vaccine distribution,” said Dr Mariângela Simão,
WHO Assistant-Director General for Access to Medicines and Health Products.

‘But we must keep up the pressure to meet the needs of priority populations
everywhere and facilitate global access. To do that, we need two things – a scale-
up of manufacturing capacity, and developers’ early submission of their vaccines
for WHO review.”

The WHO EUL process can be carried out quickly when vaccine developers submit
the full data required by WHO in a timely manner. Once those data are submitted,
WHO can rapidly assemble its evaluation team and regulators from around the
world to assess the information and, when necessary, carry out inspections of
manufacturing sites.

In the case of the two AstraZeneca/Oxford vaccines, WHO assessed the quality,
safety and efficacy data, risk management plans and programmatic suitability,
such as cold chain requirements. The process took under four weeks.

The vaccine was reviewed on 8 February by WHO’s Strategic Advisory Group of

Experts on Immunization (SAGE), which makes recommendations for vaccines’
use in populations (i.e. recommended age groups, intervals between shots, advice
for specific groups such as pregnant and lactating women). The SAGE
recommended the vaccine for all age groups 18 and above. 
The AstraZeneca/Oxford product is a viral vectored vaccine called ChAdOx1-S
[recombinant]. It is being produced at several manufacturing sites, as well as in
the Republic of Korea and India. ChAdOx1-S has been found to have 63.09%
efficacy and is suitable for low- and middle-income countries due to easy storage
requirements.

EFFECTS OF THE DISEASE IN THE WORLDWIDE ECONOMY

The Covid-19 pandemic is a global shock ‘like no other’, involving simultaneous

disruptions to both supply and demand in an interconnected world economy. On
the supply side, infections reduce labour supply and productivity, while
lockdowns, business closures, and social distancing also cause supply disruptions.
On the demand side, layoffs and the loss of income (from morbidity, quarantines,
and unemployment) and worsened economic prospects reduce household
consumption and firms’ investment. The extreme uncertainty about the path,
duration, magnitude, and impact of the pandemic could pose a vicious cycle of
dampening business and consumer confidence and tightening financial
conditions, which could lead to job losses and investment. Key challenges for any
empirical economic analysis of Covid-19 are how to identify this unprecedented
shock, how to account for its non-linear effects, how to consider its cross-country
spillovers (and other observed and unobserved global factors), and how to
quantify the uncertainty surrounding forecasts, given its unprecedented nature. 

A rapidly growing body of research investigates the heterogeneous, non-linear,

and uncertain macroeconomic effects of Covid-19 across countries, sectors in
individual countries, as well as on a global scale. Pagano et al. (2020) and Capelle-
Blancard and Desroziers (2020) consider the effects of the pandemic on the US
stock market and highlight its differential impact on various sectors of the
economy. Ludvigson et al. (2020) quantify the macroeconomic impact of Covid-19
in the US using a VAR framework and a gauge of the magnitude of the Covid-19
shock in relation to past costly disasters. Baqaee and Farhi (2020) consider
possible non-linearities in response to the pandemic in a multi-sectoral model.
They demonstrate how these shocks are amplified or mitigated by nonlinearities,
and quantify their effects using disaggregated data from the US. McKibbin and
Fernando (2020) explore the global macroeconomic effects of alternative
scenarios of how Covid-19 might evolve in the year ahead, highlighting the role of
spill overs. Our framework embeds the salient features of these quantitative
analyses.   

HOW HAS COVID-19 AFFECTED YOUR PERSONAL LIFE?

Covid 19 didn’t affect much about how I personally live as a normal citizen
because even before the lockdown, I wasn’t used to being outside a lot but as a
student, having lockdown made me realize that it is better to go to school than
attend online classes.

IF YOU WERE THE PRESIDENT OF THE PHILIPPINES OR THE HEAD OF THE

DEPARTMENT OF HEALTH HOW WOULD YOU HANDLE THIS SITUATION?
If I were the president of the Philippines or the head of the Department of
Health, I will implement an immediate action regarding the situation, declaring
lockdown as soon as possible to prevent the things from getting worse. Lending a
help for my fellow people, contact tracing to those people who are infected by
the virus. Preparing hospitals and facilities for those who are infected by virus. I
will do my best to slow the spread of fatal virus.

State your PERSONAL OPINION on this matter

 We all know that a country do usually has affair with other countries which
the president or leader of that nation think might help them, whether it’s really for
the sake of the country or their own interest. And, the three statement from
President Duterte, Senator Bong Go, and former Spokesperson Panelo is a clear
example of being too eager to please the country they wanted to be closed to. I
think that there is an internal agreement happen between the two countries
(Philippines and China) that is why highest officials are always trying to defending
that more powerful country. But nevertheless, their actions doesn’t look like that is
was being done for country’s sake but rather turned into a horrible negative effect
to our countrymen.

Reference List:

https://intermountainhealthcare.org/blogs/topics/live-well/2020/01/what-is-
coronavirus-(covid-19)-and-how-can-i-prepare,-q-

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7147210/

https://www.who.int/news/item/15-02-2021-who-lists-two-additional-covid-19-
vaccines-for-emergency-use-and-covax-roll-out

https://voxeu.org/article/economic-consequences-covid-19-multi-country-analysis

Rubrics for assessment

Criteria 5-4 3-2 1-0

Structure Ideas All or almost all of the Most entries have a Few entries have a
 entries have a connection to structure. connection to
connection to structure. structure.

Format The proper format has The proper format has The proper format has
been followed for all of been followed for most of been followed for few
the entries. the entries. of the entries.

Mechanics All or almost all of the Most of the entries use Few of the entries use
entries use correct correct grammar. correct grammar
grammar.

Completion All entries are present, All entries are present, All entries are not
in order, and together. but are either not present, but they are
together or in order. together or in order.

GRADING SYSTEM: (as stated in the syllabus)

Quizzes 20%
Term Examinations 30%
Project/Activities 30%
Participation/Recitation 10%
Attendance/Promptness 10%
Total 100%

NOTE: FEW revisions in the grading system particularly in

participation/recitation and attendance/promptness.

Kindly notice the difference between the original grading system and
the revised one.

REVISED GRADING SYSTEM:

Quizzes 30%
Term Examination 40%
Modular Activities 10%
Project 20%
Total 100%

1.0 1.25 1.5 1.75 2.0 2.25 2.5 2.75 3.0 5.0
74 and
97- 94-96 91-93 88-90 85-87 82-84 79-81 76-78 75 below
100
Give me any feedback whether this is agreeable with
you or not.