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In its latest Philippine Economic Update, the World Bank said the country’s economy could contract by as much as 8.1 percent this year. Although the figure was an unfortunate downward revision from its earlier projection in October, it was still better than the government’s forecast of a 8.5-percent to 9.5-percent GDP contraction. The latest forecast came on the back of expectations that the Covid-19 pandemic’s impact would worsen, lockdown measures, and the country’s first recession since 1991.

Despite the Covid-19 pandemic and the general community quarantine, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-EID) recently announced that mall-wide Christmas sales would be allowed this year in an effort to boost consumer spending and help our limping economy recover. Even with the huge 11.11 and 12.12 sales of top e-commerce platforms Lazada and Shopee, retailers must prepare for the expected surge in spending at both brick-and-mortar stores and shopping websites as Christmas approaches. Filipinos will be scrambling to buy gifts for their friends and loved ones, as well as food, outfits and other needs for their festivities.

It has been six months since our Philippine government implemented the Covid-19 pandemic measures on lockdown and various versions of community quarantine within and outside Metro Manila. In those six months, like any other excited couple who had already prepare for almost a year for their wedding, my fiancée and I were devastated when we had to reschedule our church wedding that was supposedly in June 2020.

ABOUT 12 years ago, I took my Certified Public Accountant Licensure Examination (CPALE). The results came out only after a few days. Soon afterward, I immediately faced the decision of choosing the type of accounting practice I would pursue.