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As we entered the last quarter of 2022, People are on the race to beat the goals they set at the beginning of the year. So as to our government also especially in the economic aspects. While the end of pandemic is in sight now as the World Health Organization says, Greater challenges and conflicts arise.
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Our local currency is experiencing a series of defeats against the greenback. As the US Federal Reserve’s remains hawkish to protect their own economy. Central Banks around the world are grappling to mitigate its impact in their own currencies. Our Bangko Sentral ng Pilipinas fired off another 50bps hike last month in order to arrest the free fall of peso. Market analyst said that the currency will depreciate further up to Php 60 = $1. The reeling effects of weakened peso is now felt by ordinary Juan dela Cruz, being a net importer from coal up to galunggong higher import cost will be pass thru the consumer. It’s very vital to address this because it will cause more pressure to our inflation to move upwards.
The Gruesome Situation of Agriculture Sector.
Locally speaking this sector, like all of my recent write ups. The problem is getting more tougher. From the scarce supply of sugar, white onions to an oversupply of carrots, and cabbage. What problems will emanate more in the future?
If only the past administrations give priority to agriculture we don’t have problem or it will be more manageable. Although the Department of Agriculture roll out some of its project to make a fruitful harvest in the last quarter, natural calamities comes in. The recent Super Typhoon Karding flooded hectares of rice farms which is ready to harvest, In effect the rice supply is on the edge triggering the potential price increase.
Is the 20php/kg of rice will be a myth or reality?
Globally, the treat of Food supply shortage is at sight mainly due to on going conflict of Ukraine – Russia. Plus the different economic sanctions place by western nations and US in attempt to cripple the Moscow economy. The longer this conflict continues more complex issues will arise.
The Price is HIGH!
We enter the month of October with a new round of transport hike. (I hope that will be the last.) Also the prices of vegetables, sugar, eggs are way UP. Utilities like electricity is also on the upward side. The Noche Buena items and grocery items will also add a peso or two in their price tag. These things are the most what we called “malapit sa sikmura” of every Filipino. The impact of every increase whatever the amount has a great impact in the family’s budget.
One characteristics of a Filipino is being resourceful we find ways to save our money. First is to find alternatives. Before you are buying the branded items let’s say hotdogs then why don’t you try the number 2 in the market which is more cheaper? Another is people is using alternative ways to mobility. Thanks to the bicycle lane provided to the cyclist, you can now go from one place to another just by your bike. If you want to shop for a new clothes you can check out the latest stock in the online store instead of buying a branded ones. These are only some of the ways mentioned.
But what I most concerned is the families below poverty line. How can they cope up with all these happenings. How many meals they have in a day? Does their kids sent to school? Do they have a good shelter?
Can We Hit The Goal?
Economic Managers are confident that our economy will hit their self-rated GDP average of 6.5% – 7.5% in these year 2022. While the BSP has a goal of annual inflation of 2-4%.
In terms of generating revenues the Bureau of Internal Revenue (BIR) and Bureau of Customs (BOC) is on track to their revenue target this year. Deliberation of 2023 budget is on-going which we will discuss it on another time is on schedule. These measures and steps should be carefully executed and must be realize in order to keep our momentum to economic resurgence and we don’t meet a bump along the way.
The fate of our economy is at stake…in these Uncertain Times.
[Photo: Busines Times]
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