According to the World Bank, the Philippines was expected to have a 5.8% economic growth, but the pandemic made it impossible. The pandemic forced businesses and organizations to shut down; even the borders were closed, which interfered with their export. Considering the nation exported most of its products to China.

Moreover, the country’s economy has been crippled, and the Filipinos are feeling the heat. However, Filipinos are now adapting to the new norm. This is proven from the financial report that showed the inflation rate dropped from 2.7% to 2.4% in August 2020

Though the economy is slowly getting back to its feet, you need to plan and look at the financial gaps in the Philippines. It’s time to exploit these avenues to ensure you are prepared in case there is a second wave.    

What is the financial gap analysis?

It refers to a tool in which a business uses to determine the difference between the desired financial performance and actual financial performance. This is usually a task undertaken by a manager to ensure they make new measures to guarantee the target is achieved at the end of a financial year.

The same applies when it comes to managing your finances; one needs to carry out a financial gap analysis. What the COVID-19 has taught us is, one needs to prepare for the future. Therefore, as life gets back to normal, you need to adapt to the new norm to survive.       

Financial gaps in the Philippines

In this section, we’re going to look at some of the smart moves you can make to survive in the new norm. You wouldn’t want to be caught pants down in case there is a second wave. The financial gaps to work and improve on are:   

1. Investments

Investments are essential if you want to have a financial breakthrough; your salary alone can’t achieve this. This is a narrative Filipinos have started to understand amid the COVID-19 crisis. Therefore, whether you are young or old, you need an investment portfolio. This increases your income and makes your lifestyle more comfortable.

There are various places one can invest their money. You can choose to venture into the online platform and start your own online store. Here you can sell your products to any part of the world within a click of a button. 

Other investments include Equity UITFs, Stocks, Real Estate, and Money Market Funds. Before making any investments, we recommend researching the portfolio in question. This helps you to make an informed decision that will be profitable. 

Also Read: Top Tips To Select Your Investments As A Beginner

2. Passive income

What is passive income? This is the first question that comes to mind when hearing about it. This refers to an income that requires less or minimum effort from you to earn. If there is something the pandemic has taught us is that having multiple streams of income is vital.  

For example, employees in the tourism industry got laid off when Covid-19 struck. If you didn’t benefit from the PHP 10 billion stimulus package, you were doomed. This means you don’t have an income and bills need to be paid.

Therefore, the best way is to have a side gig, whether employed or not. This guarantees you have a constant cash flow that can sustain your Pre and Post Covid. Some of the passive income platforms include freelancing services, affiliate marketing, web hosting, among others. Always remember a single-income will not finance your future dreams.     

3. Savings

According to research carried out by Manulife Investor Sentiment Index (MISI) in 2019, it revealed Filipinos are not the best savers. The report further stated that only 3.6 month’s worth of income is saved by them for retirement. This might be shocking, but it’s true.

However, the report was not a big deal until 2020, when COVID-19 hit the country. Many have come to realize the importance of saving. Others are now opting to set cash aside for their retirement plans.

If you haven’t thought of your retirement plan, it’s time to, you would want to be financially stable in your old age? Plus, what happens if there is a second wave, and you haven’t saved any cash.

We understand starting a retirement plan, or saving can be a bit challenging. Therefore, we recommend starting small, with fixed deposit accounts, or emergency funds. This helps you to be financially disciplined and build upon your retirement plan amid the pandemic.         

4. Acquiring new skills

Having extra skills during this pandemic is a plus. No one knew the year 2020 would start with a pandemic that would make the world come to a standstill. Many have lost their jobs since various industries have been rendered useless.

However, those who had acquired extra skills are now reaping millions. For example, if you are a website developer. Various organizations are looking for people to develop for the site. The sites are supposed to be customized according to the firm needs to guarantee an ideal online penetration. This is because the new norm suggests we maintain social distance. 

Hence, the site is the best way for businesses to conduct business and keep their employees and clients safe amid the pandemic. For this reason, we recommend acquiring a new skill that will help to sustain you when laid off. You never know what the further holds, probably the skill you will be having shall be needed. 

5. Health  

Your health is your wealth, and therefore, you shouldn’t gamble with it. This is something we have learned the hard way, but it was worth it. If you haven’t been paying your health insurance premiums, it is time to start making the payments. You must be in good shape to lift the country’s economy and fight the virus. Therefore, as you continue to settle your bills, remember to invest in your health.

6. Emergency financial aid   

We understand Covid-19 caught us unawares. Hence you need a financial boost to get back to your feet. Lending online companies, one of which is Robocash, can help here. This is why RoboCash is here to guarantee you get access to funds to start your side business. The online lender provides you with affordable payday loans online at low-interest rates. 

robocash-office- financial competence for Filipinos


It is vital you analyze your financial gaps to improve your life. Let this be a lesson to you to start saving, investing, acquiring a new skill, and taking care of your health. You need to prepare for your future to ensure comfort. 

Moreover, your income needs to fit your budget to avoid overspending. If you still cannot calculate the budget in a new situation and urgently need money, you can borrow from online lending.

Also Read: Secure Your Financial Future With These Tips!