Some economists referred this period we are living as “unusual, unpredictable and unprecedented.” In another words, experts are baffled by the housing market, stock market and jobless data.
General public do not own nor rely on stocks as part of their retirement portfolio.
Having an interesting conversation with a local businesswoman helped us shed some light. For example, people have a hoarding mentality. Always prepare for tomorrow as supermarkets might run out of goods.
It seems that marketeers react to people’s fear and thus bundle up goods so one can save anywhere from 35-50% off the regular prices. The two of us will buy a reasonable amount of good which we know will be consumed prior to our leaving the Philippines but we don’t hoard consumer products. Rather we make purchases on a need basis.
In the Philippines we’ve been using two modes of transportations: private cars, meaning our family or friends will give us lifts or public, metered taxis. A cheaper mode of transportation is called “piggybacking” or in Tagalog, Ankas. I watched a motorcycle driver hands his potential rider a helmet. The rider will wear the helmet without any preventative measures of catching someone else’s germs and off they go. Really not at all sanitary.