- 10 hours ago
Slowing growth, high prices, and everyday bottlenecks—where is the Philippine economy really heading?
Let’s talk about it LIVE.
Prof. Ronilo Balbieran joins Beyond the Headlines to dissect the pressure points hitting our local economy. We will look past the surface numbers to analyze the real impact of 7.2% inflation, why slow infrastructure spending is stalling construction growth, and how structural issues like Metro Manila traffic are directly eating away at national wealth and quality of life.
Ask your questions in real time.
Let’s talk about it LIVE.
Prof. Ronilo Balbieran joins Beyond the Headlines to dissect the pressure points hitting our local economy. We will look past the surface numbers to analyze the real impact of 7.2% inflation, why slow infrastructure spending is stalling construction growth, and how structural issues like Metro Manila traffic are directly eating away at national wealth and quality of life.
Ask your questions in real time.
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NewsTranscript
00:35Good afternoon. Welcome to Beyond the Headlines. I'm DJ Moises.
00:40The Philippine economy is sending mixed signals.
00:44Economic growth slowed to 2.8% in the first quarter of the year, missing expectations.
00:50At the same time, inflation surged to 7.2%, its highest level in three years, putting pressure on household budgets
01:00and business costs alike.
01:03Today, we move beyond the statistics and focus on what these numbers mean in everyday lives of Filipinos, for businesses
01:10trying to grow, and for an economy navigating uncertain times.
01:14Joining us is economist and educator, Professor Rodelo Balbieran.
01:19Good afternoon, Professor Balbieran. Welcome back to Beyond the Headlines.
01:23Good afternoon, DJ. Good afternoon.
01:26It's always good to have you here.
01:29So, Prof, I'm sure you've been asked by so many people about the state of our economy.
01:37So, allow me to start with our growth, which is just 2.8% in the first quarter.
01:44And it's said to be one of the slowest in Southeast Asia.
01:47So, Prof, should ordinary Filipinos like me be worried about this?
01:54Well, first of all, you're not an ordinary Filipino.
01:59You're an extraordinary Filipino.
02:01So, you're somehow part of the middle class.
02:06Yes.
02:06But you should also be worried.
02:08So, there are two types of people who will be worried.
02:11So, number one, the middle class, the working middle class, who is like you, working very hard, paying your taxes
02:21correctly, etc.
02:24But we always look for opportunities, growth for our business, for our career.
02:31But this slowdown is an indication of worse things to come.
02:38So, because we were promised that this will get better for the first quarter, second quarter.
02:44But right in the middle of trying to pull it off from the infrastructure crisis, the oil crisis hit us.
02:54So, this does not look good as we actually forecast our future, at least for the next four to eight
03:02quarters.
03:03On the other hand, the second part are the low-income and the poor Filipinos.
03:09They will and they should get worried because prices have gone up and they have not gone down.
03:19The president of the United States has promised that he will leave Iran very soon.
03:25But as long as he has not left Iran, price of oil will continue to be hovering between $90 to
03:32$110 per barrel.
03:34And the implication of that is that our goods and services here in the Philippines will be relatively higher for
03:44the rest of the year and perhaps towards the first half of next year.
03:49And so, that means our purchasing power, the power of our income, our limited income, especially for the poor and
03:58the low income, will be further squeezed.
04:01So, medyo masaklap yun for the working middle class and the low income and the poor Filipinos.
04:10And you've already mentioned about prices, Prof.
04:14So, inflation also surged to 7.2% in April.
04:18And I've read two days ago, or was it yesterday, that Central Bank forecasted that it might go up to
04:257.9% for May.
04:27And so, although you've mentioned it a little bit, but I'd like you to elaborate more.
04:33Is this something that we expect as temporary?
04:36Or are we entering a period where high prices could persist longer than we expect?
04:45So, number one, the 7.2% of the April, 7.2%, so for the benefit of our viewers, it
04:52is always compared on the prices of April last year.
04:55So, year on year.
04:56So, as we know, the prices have started going up March.
05:03And then, so we have that particular price, more than 5%, and then 7.2% of April.
05:14So, we are just seeing increases in, tremendous increases in oil prices versus last year.
05:21But take note that for it to actually have its domino effect all the way to food prices, so usually
05:31out very soon, will be worse than the 7.2%.
05:37So, as we actually have the impact of oil prices transmitted to logistics, and then logistics will be transmitted to
05:47all goods and services that are being moved, no?
05:50Sa manufacturing, transportation.
05:52Then, ang pinaka-malaking tama nun sa food, especially yung rice, fruits, vegetables, and so therefore, we can expect that
06:03inflation numbers, at we already feel it.
06:08So, the inflation numbers that will come out for May, then later on next month for June, will be significantly
06:16higher, or at least will persist based on the numbers of March and April.
06:21So, medyo, hindi pa natin ito nakikitang bababa in the near future.
06:26Dati, sinabi ko bababa ito within 4 to 6 months.
06:29That was based on the pronouncement of President Trump that he might leave Iran very soon.
06:38But it seems that mukhang napasaya na siyang mag-stay sa Iran.
06:45So, summary, the domino effect of oil prices getting into the prices of everything else is still creeping in to
07:00our final products.
07:02And then, therefore, all products are affected, and so we are now, we are about to experience higher inflation rates.
07:10I think my economist friends, mentors, mentioned is floating a number between 8 to 9 percent by the time we
07:20arrive around September to November.
07:23And that's why the Banco Central ng Pilipinas is taking a precautionary step to immediately increase the interest rate to
07:33avoid that particular eventuality.
07:36So, anong impact ng increase of interest rate to inflation?
07:41If you increase interest rate, then the savers, the people will save more,
07:50and the businesses will be discouraged to borrow more and expand their businesses.
07:58And so, it will slow down the economy and to release extra pressure on prices.
08:06But it has a price to pay.
08:08The price to pay is that we are going to slow down our economy further with a higher interest rate.
08:16So, for us to actually now alleviate the impact of inflation and avoid inflation getting into 9 to 10 percent
08:27territory.
08:28So, yun po yung mga challenges that we are about to face and the challenges our economic leaders are about
08:37to face
08:38in trying to get that balance between low prices, but at the same time, you make sure that our economy
08:46is still growing.
08:47So, you can actually arrest inflation, but you can actually kill the economy by arresting it too much.
08:56So, there is that fine line of balancing that particular dilemma of inflation and economic growth.
09:04There are terms, economic terms, prof, that are being floated around.
09:10And I'm referring to the economic term called stagflation.
09:15Can you also share to our viewers what stagflation is?
09:20And are we now seeing early warning signals of such?
09:25So, stagflation kasi meaning stagnant economy and inflation.
09:30So, again, I mentioned a while ago, everything has a counterbalance.
09:38So, the most ideal situation is that our economy is growing and prices are low.
09:45But usually, that is not achieved because if you want a hovering economic growth,
09:53then people have more money.
09:55And when they have more money, more purchasing power, then they will actually buy.
10:00And then there's so much demand, inflation will kick in.
10:05And if you now want inflation to go down, then you will now sacrifice it for a slowing down of
10:13our economy.
10:14However, the worst possible condition that can happen to an economy is that you do not have that trade-off
10:23of inflation and economic growth.
10:27When economic growth is stagnating and inflation is going up, so that is the worst possible condition.
10:35So, another term known in economics is misery.
10:39So, there's actually a term called misery index, the summation of inflation rate and unemployment rate.
10:47As we know, if your economy is slowing down, unemployment rate will go up.
10:52So, yun yung mga mangyayari.
10:54So, are we in stagflation?
10:56Technically speaking, we're not.
10:59So, because you need zero.
11:01So, nag-stagnate nga.
11:03Still up to 0.8%.
11:04We're still up to 0.8%.
11:06But if you're talking about 2.8% and to be divided to the population growth.
11:15So, you reduce the population.
11:17So, bad news and good news in a sense because our population growth is slowing down.
11:24So, that's a good news.
11:25So, the 2.8% minus we're just actually growing at around 1% in terms of population growth.
11:32So, our population has significantly growed less.
11:39So, grew less.
11:41So, therefore, so yung 2.9 minus 1, 1.9 na lang yun.
11:47So, meron pa pero parang naglolokohan na lang tayo ng ating mga sarili kung masaya tayo sa 1% or
11:561.9%.
11:57And also, I always tell my friends, it's always in relation to what?
12:04So, I mentioned that our economy has been growing by 5% over the last 70 years.
12:10And we were growing at 6%, more than 6% over the last 10 years.
12:15Basically speaking, it's already a stagnant economy from the point of view of economic performance of the Philippines which has
12:25been growing so healthily over the last 10 years, 20 years.
12:30So, and then you're hit with 7.2% that is now forecasted to grow almost to 9%.
12:39So, kailan ba, ano ba yung healthy growth ng inflation?
12:43Ang healthy growth ng inflation is around 2% to 4%.
12:47And that's the target of the Banco Central ng Pilipinas and the national government.
12:51Why 2% to 4%?
12:52Because 2% to 4%, that can actually easily be absorbed by the consumers, especially if the consumers' income is
13:02growing by more than 4% or 5%.
13:05So, and then at the same time, the businesses are happier because they can actually charge a little bit more,
13:122% to 4%, and they can actually use that profit to actually expand a little bit more to accommodate
13:19the increasing growth of the economy.
13:22So, pagka lumampas na ng 4%, tapos lumampas ka na ng 5%, kasi yung margin of error mo na between
13:304% to 5%, medyo kinakabahan na tayo.
13:33Because everybody will now become panicky.
13:38So, parang everybody will panic and then it will have its snowball effect in terms of inflation expectation.
13:47So, nagpa-panic tayo, parang may self-fulfilling prophecy tayo, no?
13:51Oh my, oh my, tatataas na yung presyo ng BDN, hanggang kailan kaya ito?
13:55Bumili na kaya ako ngayon? Mag-imbak na kaya ako ngayon?
13:57Kaka-imbak mo ngayon?
13:59Lalo tuloy nag-increase yung demand, lalo tuloy nag-increase yung inflation, etc., etc.
14:04And yung government leaders naman natin, they will try to pull us down, no?
14:08In terms of, okay, by increasing interest rate, no?
14:12So, yun yung concept ng stagflation, no?
14:17Economy, GDP, no?
14:20Is it that is equal to zero, no?
14:22So, not growing.
14:24And inflation that is more than 5%.
14:26So, we have inflation more than 5%,
14:29and we have a GDP that is practically not moving, no?
14:34At 2.8%.
14:35And so, in practical terms, from the point of view of Philippine experience, no?
14:43That is already, this is now practically a stagflation.
14:48But this is not a depressing stagflation.
14:51But once we get the numbers, and this becomes lower than 2%,
14:57or lower than the population growth rate, which is 1%,
15:01ah, talagang medyo, medyo crisis mode, entire economic crisis mode na po tayo, no?
15:08So, you've mentioned, Prof, that we are not yet on stagflation,
15:13and then there are factors that we need to see, no?
15:18Like the GDP, the unemployment, and also the inflation.
15:22But for Filipinos, Prof, who are not acquainted with these economic measures,
15:27how can they possibly tell that, oh my, we are already in a stagflation,
15:34without looking at the numbers?
15:37Without looking at the numbers, no, you can already feel it as you go to the market, no?
15:42So, if you are not getting your, most likely,
15:47yung mga employed sa atin, are not getting any extra, no?
15:51In terms of bonuses or some incentives,
15:54ah, your employers may actually, ah, may actually talk to you and tell you,
16:00ah, pwede ba, ah, ah, medyo yung, ano natin, yung incentives muna natin,
16:05i-delay muna natin, yung mid, yung mid-year bonus natin,
16:09baka pwedeng ipunin na muna natin, ilagay na muna natin sa,
16:12sa Christmas bonus, kasi kulang yung sales,
16:15because sales are, you know, are not phenomenal,
16:19they're actually slowing down.
16:20So, for employees and minimum wage earners,
16:26you can already feel that there's really that stagnation
16:30in terms of the increase in our income, in our salaries.
16:34And furthermore, as you go to the wet market,
16:39to the groceries, to the sari-sari stores, et cetera,
16:42you will feel that, oh, my income growth is zero
16:47and now the prices are actually more than 5% or 10% more.
16:53And so, you can really feel the pain.
16:56And it is so much painful when you will have,
17:03with your limited budget, you will have to choose
17:05what not to buy with that limited budget.
17:08So, yun yung talagang translation nyo,
17:10sabi ko nga sa economics,
17:11he who has choice has pain.
17:14So, it is really burdensome,
17:17especially for mothers and fathers,
17:19to be going to the stores, to the groceries, to the markets,
17:22and they will have to choose what food not to buy
17:26because the existing budget that they have
17:30can no longer afford what they used to buy.
17:34So, yun yung masakit.
17:36For the businessmen, yun ngayon ang hirap
17:39kasi if you have an economy that is actually going down
17:46and businesses and entrepreneurs are forward-looking,
17:51so there is really not that much space for businessmen
17:57to actually project their business into the future
18:01and say,
18:02what if I invest more in my business?
18:05So, most likely,
18:07yung mga investment plans, expansion plans,
18:10have been paused by the businessmen,
18:14by the entrepreneurs,
18:15and they will wait for more good news
18:19before they actually resume their investments.
18:21So, medyo feel na feel nila yung pain na yun.
18:27So, what will the future hold for my business?
18:31Especially, yung mga entrepreneurs,
18:33yung mga sole proprietorship na mga companies,
18:36eh, sila yung talagang full burden na shocks.
18:40Every 15 days,
18:42suswerdo yung mga empleyado ko.
18:45Eh, kung pumabagal yung sales,
18:47saan ko naman kukunin yan,
18:49yung papaswerdo.
18:50Diba?
18:51So, yun yung pinakamalaking burden.
18:54And I'm sure,
18:54it is already a growing burden
18:57for small businesses,
18:59for them,
19:00for the owners,
19:02for the leaders of those small businesses
19:03to be looking for cash flow.
19:06No?
19:06And it is not a good news
19:09when now you turn to banks
19:11and now the banks will tell you
19:14the interest rates are about to go up
19:17because BSP will try to control inflation.
19:20And so,
19:21where are you going to get that cash flow
19:23so that you can continue paying the salaries
19:26of your staff and managers?
19:30So,
19:30from the point of view of consumers,
19:33from the point of view of businessmen,
19:36this is about to get more challenging
19:40and more painful
19:42as we actually now receive more numbers
19:45on higher inflation.
19:48So,
19:49you've mentioned actually,
19:50Prof,
19:51that this is potentially bound
19:52to even become more challenging.
19:55And then at the same time,
19:56it's not also wise
19:58for everyday Filipinos
20:00to do panic buying
20:01because it worsens the situation.
20:03So,
20:04what do you think would be
20:05a good suggestion
20:06for ordinary Filipinos
20:08who are watching
20:09for them to prepare
20:10or at least for them to manage,
20:12as time becomes
20:14even more challenging
20:15as it moves along?
20:18So,
20:18for,
20:18well,
20:19for the consumers,
20:20well,
20:22it's very hard,
20:24very,
20:24very hard
20:25for us
20:26to say
20:27that we're tired.
20:29if you're talking about,
20:31for example,
20:3217 million Filipinos
20:34as of 2022 numbers,
20:3717 million Filipinos
20:38living at 21 pesos
20:41per person per meal,
20:42how can I actually suggest
20:44the idea
20:45that they actually save
20:46so that they can save
20:49their lives and families?
20:51How do you think
20:53how do you think
20:53you think
20:53at 21 pesos per meal
20:55when inflation has gone up,
20:57most likely
20:58effective purchasing power
20:59of 21 pesos
21:00per meal
21:01is already at 19
21:02or 18
21:03or 17 pesos,
21:04no?
21:05So,
21:06but,
21:06nonetheless,
21:07no?
21:07So,
21:08I think
21:10there is
21:11there is e-commerce.
21:13So,
21:13let's try,
21:14no?
21:15Let's,
21:15let's try to think about
21:17selling our goods,
21:19selling our services.
21:21The beauty of
21:22internet
21:23and e-commerce,
21:25it equalizes
21:25everything.
21:27so if you have
21:28a knowledge,
21:30may napag-aralan ka,
21:31why don't you share it?
21:33Establish a blog
21:34like Sir DJ Moses,
21:36no?
21:37you know,
21:38share what you,
21:39what you know,
21:40share,
21:41share your pain,
21:42and perhaps,
21:43no?
21:44you know,
21:44the biggest
21:45page of social
21:46media around the world
21:47are Filipinos,
21:49no?
21:49So,
21:50you will be,
21:51you will be shocked
21:52by the amount
21:53of dollars
21:54that we actually
21:56receive,
21:56no?
21:57from the bloggers
21:57here in the Philippines,
21:59no?
21:59So,
21:59you can,
22:00you can try that,
22:01or number two,
22:02you try to sell
22:04your goods,
22:06your food
22:06online,
22:07no?
22:07So,
22:07maglaluto kayo,
22:08ipayanon nyo,
22:09or i-ano nyo sa mga tech,
22:11sa Viber group,
22:11et cetera,
22:12no?
22:12So,
22:12so that is,
22:14that is my,
22:16my suggestion,
22:17no?
22:17So,
22:18try to,
22:18try to increase,
22:20no?
22:21your income
22:21with these side hustles,
22:22no?
22:23So,
22:23of course,
22:24sino ba naman ako,
22:25pero dagdag hirap na naman to,
22:26but I,
22:27I am trying not to recommend
22:30na magtipid kayo,
22:31kasi wala na po kayo talagang
22:33titipidin,
22:34no?
22:34So,
22:34but,
22:36for businesses,
22:37so for businesses,
22:39my,
22:41my suggestion,
22:42is,
22:43you know,
22:43try to talk to your,
22:45talk to your employees,
22:47no?
22:48And try to talk to your neighborhood,
22:50et cetera,
22:51because,
22:52because of inflation,
22:54we cannot overestimate
22:56the amount of increase
23:00in the Philippines,
23:01increase of number of Filipinos
23:03who are now becoming hungrier.
23:05And even before this inflation report,
23:09no?
23:09Last year,
23:10ang pinag-uusapan natin is
23:11the stunting of the brain
23:14of our children
23:15because they are not eating well.
23:18So,
23:19ang kinakain na lang ay carbohydrates
23:20at sugar,
23:22at saturated sugar.
23:23And so,
23:24yung,
23:24I am really very disturbed
23:27with what I've seen,
23:28no?
23:28Yung,
23:28yung brain scan ng isang regular
23:31na kid na kumakain ng maayos
23:33at doon sa mga malnutritioned Filipino kid,
23:36it's already one-fourth the size
23:39in terms of brain size
23:41and brain activity.
23:43And,
23:43compound that
23:45with this situation
23:47that we are facing now,
23:49no?
23:49That economy
23:50is not growing faster
23:52because we have not spent
23:55the money
23:56on infrastructure,
23:57so our incomes
23:59are not increasing,
24:00at the same time,
24:01prices are going up.
24:03And so,
24:04the social weather station
24:05has already reported
24:06that we have a
24:07higher hunger rate
24:09right now.
24:11So,
24:12and so therefore,
24:13I appeal
24:14to the businesses
24:16that are listening
24:17right now,
24:18no?
24:18So,
24:18I think that is
24:19our number one
24:22unity,
24:23unity call,
24:24no?
24:24Please,
24:26look,
24:26look at your neighbors,
24:28look at your employees,
24:30look at the families
24:31of your helpers,
24:33drivers,
24:34someone
24:36has become hungrier
24:38right now,
24:39no?
24:39Because they could not
24:40actually afford
24:40the food anymore,
24:42no?
24:42So,
24:43I think for the rest
24:44of the six months
24:45of this year,
24:47hunger will be
24:48our number one
24:49problem.
24:51And so,
24:51kung may natatabi-tabi
24:52pa tayo doon,
24:53let's make sure
24:54na buhay po tayong
24:55lahat after 2026,
24:57no?
24:58Until matapos
24:59tong Middle East
25:01crisis na to,
25:02number two,
25:03hanggang matapos
25:04itong infrastructure
25:05crisis na to,
25:06at number three,
25:07sana matapos
25:07na tong dumagdag
25:08pang hindi naman
25:09talaga crisis,
25:10eh dumagdag pa
25:11tong political crisis
25:12na napapanood natin.
25:14So,
25:14it is not encouraging
25:15anyone to see
25:17all this bickering
25:18in politics.
25:21So,
25:21in the meantime,
25:23sinabi natin,
25:24di ba,
25:24ano yun pa ang damo
25:25kung patay ng kabayo?
25:26So,
25:27baka by the time
25:28maspend na natin
25:29yung infrastructure
25:29budget,
25:30by the time
25:31oil prices
25:32have gone down
25:33because,
25:34because United States
25:35has left Iran,
25:38so tapos,
25:39ano na pala tayo,
25:40nag-shrink na tayong lahat
25:42dahil sa malnutrition
25:43and hunger.
25:44So,
25:44let's work together
25:47to make sure
25:48that we
25:49are redistributing
25:51our resources
25:52towards
25:53the hungrier
25:54part
25:55of our population.
25:57I know that
25:59you mentioned
25:59infrastructure
26:00earlier,
26:02Prof,
26:02but if there
26:04are certain
26:04government leaders
26:05also who may
26:06be watching
26:07or maybe
26:08their advisors
26:09are watching,
26:10what do you think
26:11also are
26:12the steps
26:13in your view
26:14that should be
26:14taken to,
26:16if not manage
26:17the situation,
26:18get us
26:19out from
26:20this situation?
26:22Well,
26:24number two,
26:24I agree
26:26that
26:27we must
26:28pursue
26:28the reforms,
26:29we must
26:30clean
26:30our government,
26:32but
26:35the power
26:36of infrastructure
26:37does not
26:38wait.
26:39So,
26:40that is
26:41our number
26:42one problem.
26:42Actually,
26:43that is the
26:43biggest problem
26:44that we are
26:45facing right now,
26:46more than
26:47the inflation,
26:48because
26:49for
26:50four quarters
26:51already,
26:52since the
26:52second quarter
26:53last year,
26:54in the middle
26:55of the
26:55election year
26:57and election
26:57quarter,
26:58there are
26:59already
26:59four quarters
27:01of negative
27:01growth
27:02in infrastructure.
27:04Sinasabi ko
27:05ay infrastructure,
27:07yan yung
27:07father,
27:09father of
27:10all industries.
27:11Ang mother
27:11is the
27:12construction,
27:13the entire
27:14construction
27:14industry.
27:16So,
27:17kapag ka
27:17home into
27:18construction
27:18industry
27:19and right
27:20now,
27:20two quarters
27:21na pong
27:22negative
27:22ang total
27:23construction
27:24industry.
27:25If the
27:25mother of
27:26all industries
27:27is already
27:28at negative,
27:30then this
27:31is the
27:31result that
27:32we get,
27:33the stagnation.
27:34Inflation is
27:35the result
27:36of the oil
27:36crisis,
27:37but the
27:37stagnation
27:38of our
27:38economy
27:39is brought
27:39about by
27:40the
27:40construction
27:41slowing
27:42down to
27:42negative
27:44growth
27:45for two
27:45quarters
27:46already,
27:47brought
27:47about
27:47by four
27:48quarters
27:49of
27:49negative
27:50growth.
27:50In fact,
27:51yung first
27:51quarter
27:52natin
27:52sa
27:522026
27:53is
27:54negative
27:5431%
27:56for
27:57government
27:58infrastructure.
27:59So,
27:59while
28:00I
28:01admire
28:02the
28:03efforts
28:03of
28:03our
28:04national
28:04government
28:05leaders
28:05to
28:06clean up
28:06the
28:06government,
28:07may I
28:08appeal
28:09that
28:10it
28:11must be
28:12equalized
28:12with the
28:13effort
28:13of
28:13spending
28:14the
28:15money
28:16as
28:16soon
28:17as
28:17possible
28:17on
28:18infrastructure
28:19and
28:19construction
28:20because
28:21this
28:21is
28:22our
28:22biggest,
28:24single,
28:25largest
28:25hope
28:26to avoid
28:28the
28:29technical
28:30stagflation.
28:31We are in a
28:32practical stagflation
28:33in Philippine
28:36terms,
28:37but we are
28:38about to
28:38hit
28:38technical
28:39stagflation
28:40if
28:41we will
28:42continue
28:43and
28:44endure
28:45two to
28:45four
28:45quarters
28:46again
28:46of
28:47infrastructure
28:49negative
28:50spending.
28:51So,
28:52therefore,
28:53if there are
28:54right-of-way
28:56problems,
28:57etc.,
28:57let's
28:59release the
28:59money,
29:00let's
29:00award the
29:01money,
29:01let's
29:01engage
29:02our
29:02business
29:03community,
29:04our
29:04civil
29:05society,
29:07people,
29:07participation,
29:09but
29:10because
29:10we are
29:10all
29:11so,
29:11we will
29:12the
29:13money
29:13because
29:14it will
29:15be a
29:15snowball
29:16effect
29:16in terms
29:17of
29:17spending
29:18for the
29:18entire
29:20country,
29:20for all
29:21the
29:21industries
29:22attached
29:22to
29:22construction.
29:23And
29:23by the
29:24way,
29:24all
29:24industries
29:25are
29:26actually
29:26attached
29:26to
29:27construction.
29:29So,
29:29if there
29:30is really
29:30a way
29:31to
29:31increase
29:33and
29:34I'm
29:34calling
29:35everyone
29:37please
29:37pray
29:38for
29:38DPWH
29:39and
29:40DOTR
29:40for
29:41Secretary
29:41Vince
29:43Diesel
29:43and
29:43Secretary
29:44Lopez
29:44of
29:45DOTR
29:46so that
29:46they
29:47can
29:47actually
29:47have
29:48that
29:48balance
29:48between
29:49cleanliness
29:51of
29:52infrastructure
29:53projects,
29:53but at
29:54the same
29:54time,
29:55the
29:55speed.
29:56We
29:56are
29:57actually
29:58now
29:59so
30:04delayed
30:05in terms
30:06of
30:06releasing
30:07those
30:08money.
30:08And
30:09now
30:09it
30:10is
30:10afraid
30:12of
30:13memories
30:14of
30:14last
30:14year
30:15are
30:15now
30:15returning.
30:16So,
30:17how can
30:17we
30:17actually
30:18accelerate
30:18infrastructure
30:19if we
30:20have all
30:20these
30:21big
30:21rains,
30:22southwest
30:23monsoon,
30:24and the
30:25super
30:26typhoons
30:27coming to
30:28our
30:28country
30:29for
30:31the
30:31second
30:31half
30:32of
30:32the
30:32year.
30:33So,
30:33please
30:34work
30:35with
30:35the
30:35private
30:35sector,
30:36those
30:37people
30:38listening
30:39in
30:39government
30:40infrastructure,
30:42welcome
30:42all
30:44the
30:46initiatives,
30:47the
30:47offer
30:48of the
30:48private
30:48sector,
30:49civil
30:49society,
30:51to be
30:52by your
30:52side,
30:53so that
30:53we can
30:54spend
30:54it
30:54properly,
30:56and at
30:57the same
30:57time,
30:57spend
30:57it
30:58faster.
30:58So,
30:59that is
30:59our
31:00biggest
31:00antidote
31:01to
31:01this
31:02stagflation
31:02that is
31:03about
31:03to
31:03come.
31:04And
31:05Prof,
31:05I know
31:05that
31:06you've
31:06already
31:07mentioned
31:07a portion
31:08of it
31:08in your
31:09answer
31:09earlier,
31:10but
31:11personally,
31:11it took
31:12me a
31:12while
31:13also to
31:13have
31:14a good
31:15appreciation
31:15of how
31:17important
31:18government
31:18spending,
31:19specifically
31:20infrastructure
31:20spending,
31:21the benefit
31:23that it
31:23brings to
31:24the
31:24economy,
31:24but can
31:24you expound
31:25it further,
31:26Prof,
31:27especially
31:27for the
31:28viewers who
31:28are yet
31:29to
31:29appreciate
31:30the
31:30direct
31:31link
31:31between
31:32government
31:33spending
31:33and
31:34also
31:34our
31:35economic
31:36growth.
31:36Yeah,
31:37so,
31:38government
31:39spending
31:39is in
31:40two parts,
31:41so,
31:41they actually
31:42hire people
31:43to work
31:44with the
31:44government,
31:45then they
31:45buy all
31:46these
31:46OPE supplies,
31:47et cetera,
31:48et cetera.
31:49At the
31:49same time,
31:50they actually
31:50buy
31:52construction
31:53projects
31:54through the
31:54infrastructure
31:55projects.
31:55So,
31:56the
31:56impact
31:56of
31:58government
31:58through
31:59what
31:59they
32:00spend
32:00and
32:01what
32:02they
32:02spend
32:03on
32:03the
32:05regular
32:06and the
32:07infrastructure.
32:08In the
32:08infrastructure,
32:10government
32:11infrastructure,
32:12the impact
32:13of an
32:16infrastructure project
32:18direct is
32:19that you
32:19will
32:20actually
32:20hire
32:22so
32:23many
32:23government
32:24infrastructure
32:25construction
32:26workers.
32:28So,
32:29the direct
32:30impact
32:30on the
32:31economy
32:31has
32:31immediately
32:32got to
32:33the
32:34unemployed.
32:36So,
32:36that is
32:37a good
32:37antidote
32:38already
32:38with what
32:39we are
32:39now
32:39facing
32:40of a
32:40higher
32:40unemployment
32:41because
32:42our
32:42economy
32:43is
32:43slowing
32:43down.
32:44So,
32:44with
32:44infrastructure
32:45project,
32:46the
32:46infrastructure
32:47projects
32:48will
32:48actually
32:49hire
32:49all
32:50these
32:50unemployed
32:51and
32:51immediately
32:52they
32:52will
32:53have
32:53salaries
32:54and
32:54income
32:55and
32:55they
32:55will
32:56have
32:56purchasing
32:56power
32:57and
32:57the
32:57economy
32:58will
32:58be
32:58resuscitated.
33:00So,
33:01that's
33:01the
33:01short-term
33:02impact.
33:02The
33:03long-term
33:04impact
33:04is that
33:05when you
33:05actually
33:06finish
33:06the
33:07road,
33:08you
33:08finish
33:08the
33:09bridge,
33:09you
33:10finish
33:10the
33:11airport,
33:11you
33:11finish
33:12the
33:12port,
33:12then
33:13it
33:13will
33:14have
33:14huge
33:15impact
33:15in
33:16terms
33:16of
33:16our
33:17reduction
33:18in
33:19business
33:20cost
33:20because
33:21logistics
33:22cost
33:22will
33:22go
33:22down,
33:23transportation
33:24cost
33:25will
33:25go
33:25down,
33:26yung
33:26mga
33:27truck
33:27hindi
33:27masisira
33:28agad,
33:29yung
33:30pagbabiyahe
33:31ng truck
33:32sa halip
33:33na 4
33:33hours,
33:341
33:34hour
33:34na lang,
33:35so yung
33:36makakaikot
33:37lalo yung
33:37mga
33:37truck,
33:38so there's
33:39a huge
33:39impact
33:40in terms
33:41of
33:41long-term.
33:42So,
33:42infrastructure
33:43spending,
33:44short-term
33:44impact,
33:45malaki,
33:46employment,
33:47income,
33:48spending,
33:48etc.
33:49Yung
33:50long-term
33:50impact,
33:51pag
33:51natapos,
33:52lalong
33:52mas malaki
33:53yung
33:53impact
33:53sa
33:53economy.
33:54Kaya
33:55malaki
33:55yung
33:55tama
33:56na
33:57natidelay
33:57yung
33:57infrastructure
33:58spending
33:59kasi
34:00nakaka-contribute
34:01siya
34:01sa
34:01slowdown
34:02of
34:02our
34:02economy,
34:03pero
34:03down the
34:04line,
34:04after
34:053
34:05years,
34:055
34:05years,
34:06shucks,
34:08wala pala
34:09tayong
34:09iniintay
34:10na
34:10bridge,
34:11or
34:11wala pala
34:12tayong
34:12iniintay
34:13na
34:13expansion
34:14of
34:14the
34:15airport
34:15or
34:15the
34:15port.
34:15So that
34:17would be
34:17the
34:18second
34:18and
34:19bigger
34:20impact.
34:21So that's
34:22why
34:22very
34:22important
34:23na
34:24tinututukan
34:25natin
34:25not just
34:27the right
34:28amount
34:28and the
34:29right
34:30projects,
34:31but
34:31the
34:32right
34:32time.
34:33So
34:33ibig
34:34sabihin,
34:35hindi
34:35yan
34:35pwede
34:3520
34:36years
34:36from
34:36now.
34:37Kailangan
34:37ngayon.
34:39Ngayon na
34:39gasto
34:40siya.
34:40And
34:40therefore,
34:41that's
34:41the
34:42direct
34:42link
34:42of
34:43government,
34:43government
34:44spending,
34:45government
34:46infrastructure
34:46spending,
34:47to
34:48short-term
34:49economic
34:50condition
34:51of our
34:51country
34:52through
34:53employment,
34:55and
34:56then
34:56long-term
34:57impact
34:58to our
35:00economy
35:00because
35:01business
35:02costs
35:03and
35:03overall
35:04costs,
35:05movement
35:06costs,
35:07all the
35:07costs
35:08will go
35:09down
35:09because
35:10we have
35:11better
35:12infrastructure
35:13and larger
35:14capacity
35:15of our
35:16infrastructure.
35:17I also
35:18don't want
35:19to put you
35:19on the
35:20spot,
35:20Prof,
35:20but I
35:21think this
35:21is also
35:22a frequently
35:22asked
35:23question,
35:24because
35:24you've
35:25mentioned
35:25a little
35:26bit of
35:26this
35:26about
35:27the
35:27political
35:27situation
35:28and
35:28then
35:29the
35:29political
35:29developments
35:30that are
35:30also
35:31dominating
35:31the
35:32headlines
35:32these
35:33days.
35:33How
35:34do
35:34they
35:35also
35:36impact
35:36investors'
35:38confidence
35:38and how
35:39do they
35:39also
35:39impact
35:40the
35:40economy?
35:42Okay,
35:43so when
35:43we talk
35:44about
35:44investment,
35:45so from
35:45the word
35:46vest,
35:47invest,
35:48so
35:49isosuot
35:49mo yan
35:50ng
35:50investor,
35:51so
35:51meaning
35:52they are
35:53actually
35:54looking
35:54at the
35:55Philippines
35:56and
35:57projecting
35:57it
35:5820,
35:5930
35:59years
35:59from
35:59now
36:00because
36:00the
36:00projects
36:00that
36:01they
36:01will
36:01be
36:01putting
36:01in,
36:02the
36:02factories,
36:03the
36:03infrastructure
36:05are
36:06actually
36:0720 to
36:0830
36:08years
36:09of
36:09life
36:10expectancy.
36:12So
36:12if you
36:14have the
36:14money
36:16and then
36:17you're
36:17taking a
36:18look at
36:18the
36:18Philippines,
36:18so
36:21will
36:21you
36:22bet
36:23and
36:24some
36:24sort
36:24of
36:24gamble
36:25the
36:26hard
36:26earned
36:27money
36:27that
36:27you
36:28have
36:29and
36:30put it
36:30in the
36:31Philippines
36:32and
36:33hope
36:34that
36:35it
36:35will
36:36actually
36:36return
36:37profits
36:39for your
36:40hard
36:40earned
36:40money.
36:41So
36:42yun yung
36:43pinakamahirap
36:43doon.
36:44So
36:44when you
36:44have
36:45slowing
36:46economy
36:46and
36:47nobody
36:48can
36:48answer
36:49how
36:49long
36:50will
36:50we
36:51wait
36:51until
36:52our
36:52economy
36:53picks up
36:53at
36:54the
36:54right
36:54place
36:54faster
36:55than
36:56what
36:56we
36:56have
36:56experienced
36:57over
36:57the
36:57last
36:5770
36:58years
36:58if
36:59nobody
36:59can
37:00answer
37:00that.
37:01Number
37:01two,
37:02if
37:02nobody
37:02can
37:02answer
37:03when
37:03will
37:03our
37:04inflation
37:04go
37:04down?
37:05And
37:06number
37:06three,
37:07when
37:07will
37:07our
37:07interest
37:08rate
37:08go
37:09down?
37:09It
37:10was
37:10going
37:11down
37:11already
37:12as
37:13of
37:13end
37:14of
37:142025
37:15last
37:16year.
37:17And
37:17the
37:17investors
37:18local
37:19and
37:19foreign
37:19were
37:20already
37:20excited
37:21because
37:22interest
37:22rates
37:23are
37:23going
37:23down.
37:23Why
37:24is
37:24it
37:24important
37:24for
37:24investors?
37:25Because
37:26they
37:26will
37:27want
37:27to
37:27borrow
37:28more
37:28money
37:28so
37:29that
37:29they
37:30will
37:30combine
37:31that
37:31borrowed
37:32money
37:32with
37:32their
37:33hard
37:33earned
37:33money
37:34so
37:34that
37:34they
37:34can
37:35actually
37:35create
37:35bigger
37:36projects.
37:37And
37:38if
37:38you
37:38have
37:39higher
37:39interest
37:39rate,
37:40that
37:40is
37:41discouraging
37:42for a
37:43potential
37:43investor.
37:44And
37:45much
37:45worse
37:46if
37:46they
37:47take
37:47a
37:47look
37:47at
37:47the
37:48graph
37:48of
37:48inflation
37:49and
37:49interest
37:49rate.
37:50Well,
37:52perhaps I
37:52can afford
37:53this
37:53interest
37:53rate and
37:54inflation
37:54rate,
37:55but
37:56will it
37:57stay
37:57the same?
37:58Or
37:59I'm
38:00afraid
38:00they
38:00may
38:00actually
38:01go up
38:02even
38:03further.
38:04and
38:05if
38:06you're
38:06taking
38:06a
38:06look
38:06at
38:06a
38:07horizon
38:07of
38:0720
38:07to
38:0830
38:08years
38:08for
38:09your
38:09project
38:09and
38:10you
38:10don't
38:10know
38:10whether
38:11interest
38:11rate
38:12is
38:12about
38:12to
38:13go
38:13down
38:13or
38:13BSP
38:15will
38:15further
38:15increase
38:16our
38:17interest
38:17rate,
38:18then
38:19it
38:20is
38:20not
38:23enabling
38:24environment
38:25for
38:25investors,
38:26both
38:26local
38:27and
38:27foreign,
38:28to
38:29actually
38:29bet their
38:30money
38:31right now.
38:31perhaps
38:32after
38:32three
38:33months
38:33because
38:35the
38:35fundamentals
38:36of the
38:36Philippines
38:37are still
38:37strong.
38:38So
38:38don't
38:38get me
38:39wrong,
38:39our
38:40economy
38:40is still
38:41very
38:42strong,
38:43but
38:43it is
38:43not
38:44moving.
38:45So
38:45it is
38:46very
38:47strong,
38:47it has
38:47muscles,
38:48it has
38:48big
38:48but it
38:49is
38:49not
38:50moving.
38:51Why?
38:51Because
38:52there's
38:52so much
38:54uncertainty
38:54if
38:55it's
38:56going to
38:56after
38:5610
38:57steps
38:57it
38:57is
38:58going to
38:58be
38:58or
38:58not
38:59because
39:00it's
39:00dark.
39:01So
39:01that's
39:02why it's
39:02not
39:02going to
39:03out.
39:03So
39:04that's
39:05the status
39:06of our
39:06investors.
39:08So
39:08the
39:08investors
39:08are
39:09really
39:10in
39:10the
39:10dark.
39:11So
39:11is
39:11there
39:11really
39:12a
39:12bridge
39:12there
39:13or
39:13maybe
39:14it's
39:14going to
39:14let's
39:15wait
39:16for the
39:17dark
39:17clouds
39:18to
39:18clear
39:18and
39:19let's
39:19see
39:20whether
39:20GDP
39:21growth
39:22will
39:22be
39:22growing
39:22faster
39:23than
39:232.8%.
39:25Whether
39:26inflation
39:27will
39:27actually
39:27go
39:28back
39:28to
39:285%
39:29by
39:29December
39:29and
39:30whether
39:31interest
39:31rate
39:31will
39:32go
39:33down
39:33to
39:34the
39:34level
39:34that
39:34we
39:35were
39:35actually
39:35happy
39:37about
39:37noong
39:38December.
39:38So
39:39those
39:39are
39:39the
39:40key
39:40things
39:41that
39:42they
39:42are
39:42looking
39:42for
39:43and
39:43these
39:44are
39:44these
39:45things
39:45though
39:46not
39:47100%
39:47related
39:49but
39:50related
39:51in the
39:52sense
39:52that
39:53you
39:54are
39:54now
39:54correlating
39:55these
39:55events
39:55these
39:55economic
39:56terms
39:57with
39:58the
39:58impact
39:59of
39:59what's
39:59happening
40:00right
40:01now
40:01in
40:01the
40:02news
40:02in
40:03our
40:03government
40:04with
40:04our
40:05Congress
40:05with
40:05our
40:06Senate
40:06so
40:07that
40:08is
40:08the
40:08condition
40:09for
40:10investors
40:11I
40:11think
40:12and
40:13the
40:13data
40:13for
40:14investments
40:15is
40:16showing
40:16it's
40:17not
40:17it's
40:18not
40:18zero
40:18so
40:19but
40:20it is
40:21not
40:21the
40:21speed
40:21by
40:22which
40:23we
40:23want
40:23them
40:23to
40:24come
40:24in
40:24so
40:25I
40:26think
40:26we
40:27will
40:27need
40:27a lot
40:28of
40:28waiting
40:29for
40:30us
40:31to
40:31actually
40:31welcome
40:32a lot
40:33of
40:33investors
40:34and
40:35at
40:35the
40:35same
40:35time
40:35also
40:36to
40:36welcome
40:37a lot
40:37of
40:37foreign
40:38tourists
40:38so
40:39we
40:40are
40:41sensitive
40:42to
40:43arrivals
40:44of
40:44foreign
40:46tourists
40:46so
40:47if
40:48they
40:49get
40:49scared
40:49so
40:50the
40:50Koreans
40:51Japanese
40:52Americans
40:54the
40:55Europeans
40:56so
40:56if
40:57they
40:57get
40:57scared
40:57of
40:58what's
40:58happening
40:58to
41:00our
41:00country
41:01to
41:01our
41:01politics
41:02then
41:03that
41:04will
41:04be
41:04that
41:04will
41:04further
41:05complicate
41:06our
41:07problem
41:07or
41:08our
41:08challenge
41:08in
41:09terms
41:09of
41:10looking
41:11forward
41:11into
41:12the
41:12future
41:12and
41:13if
41:15and
41:15when
41:15there's
41:16a
41:16brighter
41:17and
41:17better
41:18economy
41:18waiting
41:19for
41:19all
41:20of
41:20us
41:20there
41:21this
41:22has
41:22been
41:22a
41:22very
41:23good
41:23conversation
41:23but
41:24before
41:25I
41:25let
41:25you
41:25go
41:26my
41:26final
41:26question
41:27actually
41:27for
41:27you
41:28is
41:28well
41:28it
41:29sounds
41:29like
41:29a
41:29Mr.
41:30Universe
41:30question
41:31but
41:31I
41:31truly
41:31mean
41:32this
41:32so
41:33if
41:33you
41:33are
41:33to
41:34put
41:34yourself
41:35in
41:35the
41:36shoes
41:36of
41:37a
41:3725
41:38year
41:39old
41:39Filipino
41:40who
41:40is
41:41watching
41:41today
41:42so
41:43and
41:43then
41:43at
41:44that
41:44age
41:45you
41:45are
41:45still
41:45starting
41:46your
41:47career
41:47and
41:48your
41:48life
41:48also
41:49as an
41:49independent
41:50Filipino
41:51know
41:51what
41:52would
41:52give
41:53you
41:53hope
41:54to
41:54actually
41:55stay
41:55in
41:55the
41:56Philippines
41:56and
41:57ride
41:57this
41:57out
41:58until
41:58the
41:59situation
41:59becomes
42:00better
42:01well
42:02I
42:04don't
42:04know
42:04if
42:04it's
42:04good
42:05news
42:05or
42:05bad
42:06news
42:06when
42:07you
42:09listen
42:10to
42:10the
42:10news
42:10look
42:11at
42:12the
42:12pitfalls
42:13of
42:14our
42:14leaders
42:14etc
42:15don't
42:16ever
42:16think
42:17that
42:18we
42:18are
42:18unique
42:19in
42:19the
42:19world
42:20we
42:21are
42:21actually
42:21somewhere
42:22in
42:23the
42:23upper
42:24middle
42:26in
42:27the
42:27ranking
42:28of
42:28most
42:29corrupt
42:29countries
42:29in
42:30the
42:30world
42:30so
42:31we
42:31are
42:31not
42:32the
42:32number
42:32one
42:33so
42:34you
42:35will
42:35be
42:35surprised
42:36do
42:36your
42:36research
42:37so
42:37you
42:38will
42:38be
42:38surprised
42:39by
42:40the
42:41countries
42:41that
42:42we
42:42actually
42:43now
42:43idolize
42:44or
42:45being
42:45compared
42:46to
42:46have
42:47actually
42:48larger
42:48corruption
42:49than
42:49us
42:50remember
42:50South
42:51Korea
42:51is a
42:51first
42:52world
42:52country
42:52and
42:54they
42:54actually
42:54impeached
42:55their
42:56president
42:57because
42:57of a
42:58corruption
42:58issue
42:59that's
42:59a
43:00first
43:00world
43:00country
43:01with
43:02all
43:02the
43:02digitalized
43:03systems
43:03etc
43:04etc
43:04so
43:05don't
43:06ever
43:06think
43:06that
43:07we
43:08are
43:09the
43:09most
43:09corrupt
43:10country
43:10in the
43:11world
43:11but
43:13now
43:13if you
43:14take a
43:14look
43:14at
43:14our
43:14country
43:15no
43:16crisis
43:17has
43:19ever
43:19resulted
43:21no
43:22political
43:23crisis
43:23in the
43:23Philippines
43:24has
43:25bankrupt
43:25our
43:26economy
43:27so
43:28ganun
43:28kayaman
43:29yung
43:29Pilipinas
43:30so
43:31mapapagtagumpay
43:32ang kaya
43:32lang
43:33kurakutin
43:33ng mga
43:34politiko
43:35ay yung
43:36mga
43:36taxes
43:36na
43:37binayad
43:37natin
43:37so
43:39yung
43:39taxes
43:39na
43:39binayad
43:40natin
43:40mga
43:404
43:41trillion
43:41yan
43:41taon-taon
43:42ang
43:43economy
43:43natin
43:4430
43:44trillion
43:46so
43:46of course
43:48masakit
43:49mapanood
43:50na ang
43:50ating
43:50mga
43:51political
43:51leaders
43:52ay
43:52nagkakaganyan
43:53but
43:53don't
43:54take a
43:54look at
43:55the
43:554
43:55trillion
43:55that
43:56is
43:56being
43:56corrupted
43:56you're
43:5725
43:58years
43:58old
43:58you have
44:00a lot
44:00of
44:00things
44:01to
44:01learn
44:01and
44:02if
44:02you're
44:03still
44:03here
44:03in
44:03the
44:03Philippines
44:05yung
44:06nature
44:07ng
44:07problema
44:08natin
44:08dito
44:08sa
44:08Pilipinas
44:09and
44:10the
44:10things
44:10that
44:11you
44:11can
44:11do
44:11with
44:12your
44:13access
44:14to
44:14the
44:14internet
44:15your
44:15access
44:16to
44:16different
44:17AI
44:17tools
44:18that
44:18are
44:18trying
44:19to
44:19outdo
44:20one
44:20another
44:20so
44:22you
44:22can
44:22actually
44:23multiply
44:23your
44:24powers
44:24by
44:251000
44:25percent
44:26just
44:27by
44:28learning
44:28AI
44:28and
44:30use
44:30that
44:30to
44:31take
44:31advantage
44:32of
44:33our
44:33nation's
44:34resources
44:35at
44:35ano
44:35ba
44:35yun
44:36hindi
44:36politiko
44:37ang
44:37resources
44:37ng
44:38Pilipinas
44:38number
44:40one
44:40we have
44:41more
44:41than
44:427600
44:43islands
44:44in the
44:45Philippines
44:46and
44:47we
44:47barely
44:48we barely
44:49develop
44:49then
44:50Metro
44:50Manila
44:50is only
44:510.2
44:51percent
44:52of
44:52our
44:52land
44:52area
44:53so
44:54go
44:54to
44:55places
44:55go around
44:56the
44:56Philippines
44:57with
44:57whatever
44:58budget
44:59that
44:59you
44:59have
44:59go
45:00around
45:00the
45:00Philippines
45:01appreciate
45:02the
45:02Philippines
45:03and
45:03imagine
45:04the
45:05economic
45:05activities
45:06the
45:06business
45:06activities
45:07the
45:07activities
45:08of
45:08the
45:09youth
45:09that
45:10you
45:10have
45:10with
45:11your
45:11friends
45:1225
45:12years
45:12old
45:13all
45:13and
45:14all
45:15and
45:16so
45:17just
45:18by
45:18staying
45:19here
45:19you
45:20can
45:20actually
45:21become
45:22one
45:23of the
45:24superheroes
45:25of our
45:25country
45:26remember
45:26we have
45:28the
45:28youngest
45:28DBM
45:30secretary
45:31the
45:31department
45:31of
45:32budget
45:32and
45:32management
45:33so
45:34I'm
45:34very
45:35very
45:35hopeful
45:35that
45:36that
45:37young
45:37is
45:38the
45:38new
45:38secretary
45:39of
45:39one
45:39of
45:40the
45:40most
45:40powerful
45:41departments
45:42of
45:42our
45:42country
45:43so
45:4425
45:45you
45:45can
45:53change
45:54and
45:56digitalize
45:57everything
45:58that we
45:58do
45:58with
45:59government
45:59affairs
46:00and
46:00transactions
46:01so
46:02you
46:02have
46:02a lot
46:03of
46:04things
46:04around
46:06you
46:06tools
46:07and
46:08so
46:08you
46:08can
46:08maximize
46:09the
46:09resources
46:10of
46:10the
46:10Philippines
46:10the
46:11land
46:11the
46:12people
46:12the
46:12money
46:13so
46:14we
46:14have
46:14the
46:15spirit
46:16the
46:16Filipino
46:16spirit
46:17and
46:18who
46:19knows
46:19you
46:20will
46:20be
46:20the
46:21next
46:21president
46:21of
46:22this
46:22country
46:22equipped
46:23with
46:24the
46:24most
46:24modern
46:25tools
46:25so
46:26that
46:26you
46:26can
46:27actually
46:27now
46:27graduate
46:28our
46:29economy
46:29take
46:30note
46:30our
46:31economy
46:31from
46:32an
46:32upper
46:33middle
46:33income
46:34status
46:35according
46:35to
46:35World
46:36Bank
46:36we are
46:38upper
46:39middle
46:39income
46:40country
46:41and
46:42within
46:4210
46:43years
46:43you're
46:4425
46:4435
46:45we can
46:46actually
46:47become
46:47a
46:47first
46:48world
46:48country
46:49within
46:5010
46:50to
46:5115
46:51years
46:51so
46:52that
46:52is
46:53the
46:53hope
46:53why
46:54you
46:54should
46:54stay
46:55in the
46:55Philippines
46:55and
46:57equip
46:57yourself
46:58with
46:58all
46:58the
46:58tools
46:59and
46:59help
47:00120
47:01million
47:02Filipinos
47:03and
47:04around
47:0410
47:04million
47:05foreign
47:06tourists
47:07and
47:07other
47:08foreigners
47:09who
47:09will
47:10decide
47:10to
47:11be
47:11residents
47:11of
47:12the
47:12Philippines
47:13good
47:14luck
47:14to
47:14you
47:15thank
47:16you
47:16very
47:16much
47:17prof
47:17for
47:18making
47:18time
47:19for
47:19us
47:19today
47:20helping
47:20us
47:20make
47:21sense
47:21of
47:21the
47:21numbers
47:22and
47:22how
47:22they
47:23impact
47:23the
47:24everyday
47:24lives
47:25of
47:25Filipinos
47:27welcome
47:28and
47:28it's
47:29really
47:29such
47:30an
47:30honor
47:30and
47:30pleasure
47:31to
47:31always
47:32be
47:32here
47:33thank
47:34you
47:34prof
47:35so
47:35today's
47:35discussion
47:36reminds
47:36us
47:37that
47:37economic
47:38indicators
47:39are
47:39more
47:39than
47:40statistics
47:40on
47:41a
47:41report
47:41behind
47:42every
47:43percentage
47:43point
47:44of
47:44growth
47:45every
47:46inflation
47:46figure
47:47and
47:47every
47:48policy
47:48decision
47:49are
47:49families
47:50trying
47:51to
47:51make
47:51ends
47:51meet
47:52businesses
47:53navigating
47:54uncertainty
47:54and young
47:56people
47:56hoping
47:57for a
47:57better
47:58future
47:58I'm
47:59DJ
47:59Moises
48:00this is
48:00Beyond
48:01the
48:01Headlines
48:01have a
48:02good
48:02afternoon
48:31morning
48:32I
48:34I
48:38I
48:39I
48:39I
48:39I
48:39I
48:40I
48:41I
48:41I
48:41I
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