RATIONALE

The Pandemic has caused various challenges and obstacles to many. Around
the country, have been struggling with these very challenges especially in
providing essential needs and maternal care to their families. During the
pandemic, some families was laid off from work affecting their source of
income. Consequently, by their situation, became the reason for them to find
other alternative sources of living to sustain their daily needs. The point is
despite our vulnerable situation, we are still capable of seeing the light amidst
darkness and to carry on even if everything went downhill. Moreover, the
problems brought by this Pandemic offer both small and large-scale
consequences. Many Families have struggled during the Pandemic Even if
there is a budget, families still have a hard time adjusting, All of us are keeping
our savings in check, cautious to go out to eat, shop, or travel because we are
unsure how long this situation will go on. While these measures have slowed
the community spread of COVID-19, they resulted in significant adverse
impacts on family incomes, jobs, education of children, food security, and
businesses. Pandemic has hit Filipinos’ personal finances hard, with more than
half of those surveyed (55%) saying their monthly income has reduced and with
nearly 1 in 5 (17%) saying they lost their jobs during the pandemic. This has
resulted in a drop in savings, with 79% of respondents saying their savings
would only last for a year or less. But they have sought to act on these declines
by taking more control of their finances – and their expenses.

We choose these Title because Every of our Family are struggling and have
Affect Budget plan. As the pandemic enters the world’s scenario, Every families
have been uniquely affected by the Pandemic. They had serious negative
consequences for family incomes, jobs, education, food security, and
businesses. As a result of the pandemic, vulnerable households, including
those among displaced communities, are resorting to negative ways of coping
such as cutting meals, increasing debts, selling assets or cutting short their
children’s education. The resulting lockdowns due to the virus have created a
significant downturn in the job market, thus exacerbating the impact of
COVID-19 on poverty in the Philippines. At the beginning of the pandemic, the
Philippines’ unemployment rate hovered around 5%, but it has now worsened
due to lockdown measures. According to the Philippines Statistics Authority,
unemployment rose to 17.6% in April 2020 due to the COVID-19 pandemic.
Moreover, it is a figure that could rise as lockdown measures continue, leading
to increased levels of poverty and hunger. As a result of increased
unemployment, poverty has risen, with expectations determining that almost 3
million Filipinos would enter poverty by the end of 2020. The impact of COVID-
19 on poverty in the Philippines is temporary but the right measures and lifting
lockdown measures as rates and vaccinations roll out could alleviate it.

The pandemic has impacted Filipinos’ view of financial security, sharpening

their focus on how to alleviate their situation, cutting back on expenditure, and
looking for longer-term solutions that protect themselves and their families.
Low-income parents were less likely to be able to work from home and more
likely to have had difficulty arranging child care than higher-income parents.
Parents reported coping with the pandemic’s economic impacts by cutting back
spending on food, reducing savings, and going into debt. The real impacts on
the economy can be seen at the level of families or households. Impacts on
businesses are felt in the households as job losses, dramatic declines in
incomes, restrictions in movements, which lead to reduced consumption of
basic goods and services such as food and health care.