Promotion and Attainment of Economic Security

Elucidation of Circumstances

Economic Security means being able to sustainably afford the things you need

to live, like food, housing, clothes, healthcare, education, work opportunities, and

support from society. These things can affect how people prepare for and respond to

an emergency. Filipinos have been worried about economic security for a long time,

across different administrations. According to the Organization for Economic

Cooperation and Development, economic security means being at risk of losing

money, especially income, and dealing with the effects of that loss. This includes

concerns about job availability, wages, access to basic needs like food and housing,

vulnerability to natural disasters or global economic downturns, and the need for

social protection programs to support those who are most at risk.

The job availability problem in the Philippines means there aren't enough jobs

for everyone. This happens because some people don't have the skills companies

need, some industries don't get enough investment, and the economy goes up and

down. There are also wage issues because many people don't earn enough money from

their jobs. This makes it hard to afford important things like food and housing. Some

people also can't get basic things like food, clean water, and housing. This happens

because of poverty, lack of infrastructure, and unequal sharing of resources. There

are also circumstances wherein the country struggles to face unexpected natural

disasters. This is caused by unpreparedness for emergencies. And lastly, the problems
when it comes to social protection and support for those who require healthcare and

educational opportunities.

Discussion of policy options

“Entrepreneurship Promotion Program” is aimed at encouraging

entrepreneurship. Encouraging people to start their businesses is important for

making sure everyone has enough money and stability. When people start businesses,

they create jobs, come up with new ideas, and help the economy grow. It also gives

individuals a chance to earn their income and build wealth. Plus, it can make our

communities stronger by spreading opportunities to different areas. So, promoting

entrepreneurship is a big deal for keeping our economy strong and secure.

“Economic Empowerment through Education Program” is aimed at investing in

education and training. Investing in education and training is important for our

economy to stay strong and secure. When people have good education and skills, they

can find better jobs and earn more money. It also helps our country compete globally

and encourages new ideas and businesses. Plus, it reduces poverty by giving everyone

a chance to succeed.

Basis/Criteria for Judging Policy Options

Efficiency: A policy should be efficient because it helps the government solve

problems without wasting money. Efficient policies make sure that resources are used

wisely to make the most difference. This saves money, makes the economy stronger,

and helps everyone in the long run.

Effectiveness: A policy should work well because they need to solve the problems

they're meant for. When policies are effective, they make positive changes like

creating jobs or making the economy stronger. This helps people feel safer about

their money and makes life better for everyone.

Adaptability: A policy should be adaptable because the economy changes a lot. Being

adaptable means policies can change to fit new situations, like when the economy

goes up or down, or when unexpected things happen, like disasters. This helps

governments react fast and make sure people are taken care of, even when things

change.

Policy Recommendation

A policy recommendation for boosting the economic security of the Philippines

is to create a strong social protection program. This program would provide financial

support, healthcare, education assistance, and help for those who lose their jobs. It

aims to ensure that everyone, especially the most vulnerable, has enough support to

live a decent life and cope with tough times.

One recommendation of a social protection program is a universal basic income

(UBI), which provides all citizens with a regular, unconditional sum of money,

regardless of their employment status or income level. This program aims to reduce

poverty, and inequality, and provide financial security to individuals and families.