https://www.visualcapitalist.com/the-road-to-recovery-which-economies-are-reopening-covid-19/

The majority of countries in Southeast Asia such as the Philippines, Indonesia, Malaysia, Singapore are predicted that if it cannot boost the economy in Q3, the potential for depression is more apparent. The problem faced by the Philippines government and the majority of countries in Southeast Asia affected by corona is the lack of liquidity, so each sector can calculate but there is no money in the safe. Like a weapon ready in the cock but the bullet is not there.

The government also widened the budget deficit caused by rising costs of national economic recovery due to pressure from the pandemic. With this condition, the government also took various steps to be able to finance the deficit needs. This is because current state revenues are also incapable because they are under pressure. The solution taken is generally through foreign loans because it is considered easier and cheaper than issuing state securities. Though often poor debt management and cause new problems later on.