Not every generation can claim to have survived a full-blown global pandemic. But we can.”
This line opens Twin Plagues, the latest book by Filipino economist, academic and columnist JC Punongbayan. Through the book, he revisits how the Covid-19 pandemic affected the Philippine economy, from household finances and business activity to education and the country’s long-term growth.
Punongbayan met with readers and civil society advocates on Sept. 26, 2026, at Flora and Fauna Bookshop in Cebu City. Moderated by Aurelio Vilbar, the discussion explored the lasting economic and social consequences of the pandemic and the policies implemented during that period. Selected passages from the book were read aloud by Jehan Marmita, Connie Carey and Marco Baccay.
An associate professor at the University of the Philippines School of Economics, Punongbayan is known for making complex economic data and public policy accessible to ordinary readers.
In an interview with SunStar Cebu, he explained that the book grew from years of documenting events as they unfolded.
“I’ve been writing about economic issues and also political issues. So, in a way, it was rather easy to write the book because it’s a distillation of my columns over the past decade or so,” Punongbayan said. “But this one is not a compilation of my columns, but instead a new rewriting of what had happened during that time.”
Beyond the political circumstances surrounding the book, Twin Plagues offers lessons on how economic crises affect everyday life and why their consequences can persist long after the immediate emergency has passed.
Here are five takeaways from Punongbayan’s discussion.
1. Economic uncertainty affects how people earn and spend
During the pandemic, changing quarantine classifications and inconsistent lockdown policies made it difficult for businesses and workers to plan ahead. For daily wage earners, a sudden restriction could mean losing a day’s income. For businesses, uncertainty over when they could operate made it harder to manage expenses, retain employees and decide when to reopen.
Recalling the government’s pandemic response while he was based in Quezon City, Punongbayan described the regulations as erratic and difficult to anticipate.
“The response was highly militarized and the regulations during the pandemic, the lockdown policies, were erratic; they were uncertain. You didn’t quite know what would happen the next day and the way they communicated these policies left much to be desired. So, in a word: chaotic,” he said.
For ordinary Filipinos, the experience showed how uncertainty can extend beyond economic forecasts. When people cannot anticipate their next paycheck or determine whether their business can operate the following week, even routine financial decisions become difficult.
2. Public health and economic recovery go hand in hand
The pandemic also challenged the assumption that reopening businesses alone could restore economic activity. Without sufficient control of Covid-19 transmission, the return to normal operations remained fragile.
“There was a vicious cycle where you reopen the economy without solving the health crisis, cases would surge, prompting another lockdown, cases would drop and then reopen again. So, it was a vicious cycle, right? There was so much uncertainty during this time,” Punongbayan said.
Repeated restrictions disrupted livelihoods and prolonged the difficulties faced by businesses. Workers who depended on daily earnings were particularly vulnerable, while establishments had to contend with changing operating conditions.
3. Corruption during a crisis can weaken public assistance
When an emergency affects millions of people, government resources become especially important. Financial assistance can help families cover food, utilities and other necessities while income is disrupted.
However, Punongbayan also examined how corruption during the pandemic compounded the difficulties faced by Filipinos. The controversy surrounding Pharmally Pharmaceutical Corp. and its government medical supply contracts became a prominent example of concerns over public procurement and accountability.
“It was as if the Philippines had already stumbled and fallen and you kicked it while it was down with corruption,” he said.
The consequences of corruption extend beyond the money involved in a transaction. Resources lost through irregularities are resources that cannot be used as effectively to support public services, health care and emergency assistance.
4. Learning losses can affect the next generation’s earning potential
Economic crises can also leave lasting consequences for children, even when they are not directly earning or spending money.
In the book’s concluding chapter, Punongbayan examines the effects of prolonged school closures during the pandemic. The interruption to classroom learning affected millions of Filipino students, raising concerns about their educational progress and future opportunities.
“It was truly a lost opportunity and the scars are also permanent. Test scores in the Philippines are quite low compared to the rest of the region and the Philippines is at the top of the list when it comes to the duration of school closures,” he said.
The implications reach beyond the classroom. Learning gaps can affect students’ ability to complete their education, qualify for employment and develop the skills needed in a changing economy.
Over time, weaker educational outcomes can also affect national productivity and wage growth.
5. The effects of a crisis can last long after it ends
The end of a public emergency does not automatically mean that households, businesses and institutions have recovered.
For Punongbayan, looking back at these events is an opportunity to understand how decisions made during a crisis can influence the country’s long-term economic direction.
His work also underscores the value of examining economic claims against historical records and available data rather than relying solely on recollections of better times.
For readers, this means paying attention not only to headline growth figures but also to the conditions behind them: whether workers have stable incomes, businesses can invest, students are learning and public resources are being used effectively.
As the country continues to confront economic challenges, the book invites readers to look at the numbers more closely, ask what they mean for ordinary households and consider what can be learned from the crises of the recent past. S