00:00Four more years in the position, five important challenges, one of which is the rapid love of the people,
00:23which is the first thing that the people want to hear from the President this Monday.
00:29That includes, of course, wages and other challenges to the economy.
00:34The government's response to the Sona Special Report by Ivan Mayerina.
00:45That's what I lose sleep every night over, is how to bring down inflation.
00:50As early as 2023, that's the problem that won't let the President sleep.
00:55Inflation or the rapid rise in the prices of goods.
00:59This July of 2024, a few days before his third State of the Nation Address,
01:05will the President be able to sleep?
01:09Inflation is down again from 6% throughout the year of 2023.
01:13It's only 3.7% based on the latest data from the Philippine Statistics Authority.
01:18That's all.
01:19In spite of the lower half of that number,
01:22food inflation or the rise in food prices, which is at 6.5% this June,
01:28rice, for example, is still at double-digit inflation.
01:32It hasn't changed since September of last year.
01:38That's why Ms. Zanayda won't be able to sleep either.
01:41She will think about how to balance the small salary of a construction worker's child
01:46for their primary needs.
01:48Especially since her job is not permanent.
01:51She is from Parandas, Marinas, Cavite.
01:54She has been living in the province for a long time.
01:56If I know that we are running out of rice, I will pray.
02:02I will pray twice a day.
02:04Even if it's just twice a day, it's okay.
02:08As long as we are not hungry.
02:10We drink hot water.
02:13That's it.
02:14We can't sleep until morning.
02:16I can't sleep.
02:17I'm thinking about where to get rice tomorrow.
02:21It's too expensive to buy.
02:23It's heavy.
02:24We can't afford to buy at that price.
02:28Based on the results of the Pulse Asia Survey this June,
02:31the highest price and the price to be lowered
02:34is the number one most wanted by Filipinos
02:37at the next State of the Nation Address of the President.
02:40Followed by economy improvement and job creation.
02:46In our market, we met Rolando Paet.
02:48He said that he is not poor when he grows up.
02:51But he admitted that he is poor when it comes to budgeting.
02:541,000 pesos in his budget for the next 2-3 days
02:58for the needs of his wife and 2 children
03:01is on his list.
03:03The total expense is 980 pesos.
03:06He didn't even wash the tomatoes and onions in that container.
03:09The rice is also not included.
03:11Aside from electricity, water, gasoline for the motorbike
03:15and other daily expenses.
03:17I'm selling it for 1,000 pesos.
03:20I'm just looking at what I can buy.
03:24To be honest, if we're talking about economy,
03:27the Philippines is not the only one.
03:29The 5.5% GDP of the Philippines
03:32in terms of economic growth was in the bank in 2023.
03:35It's number one in ASEAN.
03:37However, at the same time,
03:39the higher GDP
03:41is also facing the highest inflation in the region at the same time.
03:47According to the National Economic and Development Authority,
03:50the Philippines does not have a lot of low-inflation countries.
03:56It's a confluence of factors.
03:58One of this is the El Niño that we had.
04:02And then the other compounding factor
04:06is the supply in the global market.
04:11Because some countries restricted their exports.
04:18Some of the government's discards
04:20due to the rise in the price of rice
04:23are the mandating of a price cap for rice in September,
04:26which was revised last month.
04:28It is also possible to use the rice tariffication law
04:31to sell cheap rice again by the National Food Authority.
04:35And just last month,
04:37the NEDA Board decided to lower the tariff
04:39on agricultural products, including rice,
04:42from 35% to 15%,
04:45with the aim of lowering it to P29 per kilo of rice.
04:49These are artificial inducements.
04:51One-shot deals.
04:53But ultimately, the long-term sustainable solution,
04:57one that is more meaningful, permanent,
05:00would be raising farmers' productivity.
05:04Raising the price of goods
05:06is one of the basis for approving the increase in wages.
05:09Last year, the minimum wage in Metro Manila
05:12increased by a total of P75.
05:14Some wage hike petitions were also issued.
05:16And a legislated wage hike is also being proposed.
05:19The workers are angry.
05:20The increase in wages at a high price is incompatible.
05:24The DOLE says it is being forced to balance it.
05:27We will never ever be able to strike the very perfect balance.
05:32Even on the matter of providing
05:35or coming up with an adjustment in the minimum wage,
05:38it's always a tankless job.
05:40In the end, the increase in food production
05:43is the government's best way to lower the price
05:46that it is trying to impose on the government.
05:48However, the effect is not immediate.
05:51In the next one or two years,
05:53it is expected that some of these projects
05:56such as cold storage facilities
05:58will really lower the wastage.
06:01That's why the price is increasing.
06:04If half of the waste is being thrown away,
06:07it will be thrown away.
06:12While the price of goods remains a dream,
06:15Ms. Zanayda hopes that the President's zone
06:19has a solution
06:21so that they won't starve.
06:24For GMA Integrated News,
06:26I am Rinaldo Catuto, 24 Hours.
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