Is the Philippines heading in the right direction?
By: Aprille Paula O. Salvino
76% of Filipinos believe the Philippines is on the right track.
According to the most recent OCCTA research group poll, a huge majority of Filipinos believe the country is in the right direction. The respondents were asked, "Do you think the country is heading in the right direction based on the policies and programs articulated and implemented by the current administration?" Although the figure is down by nine points from the 85 percent obtained in a similar survey held last year in October, those who believe the country is heading in the wrong direction increased from 6% to 10% in the latest poll. Meanwhile, the remaining 13% stated that they did not know yet.
According to the International Monetary Fund (IMF), the Philippines ranks first in the 2023 GDP forecast.Over the last few years, the COVID-19 pandemic has generated a global disaster, particularly in the Philippines, where thousands of Filipino workers have become utterly unemployed. The crisis worsened as the conflict between Ukraine and Russia created substantial inflation in food and oil prices in our country, affecting people's capacity to afford other basic goods in particular. Despite great accomplishments in economic growth and poverty reduction, the country has the challenge of tackling climate change and food security issues, particularly for the bottom two income deciles, where malnutrition and hunger are still prevalent. While it is true that the Philippines is developing, many Filipinos are unaware of this due to the country's major challenges, which include significantly high unemployment rates, a high inflation rate, import and export bottlenecks, and the Philippine peso's declining strength against the US dollar. In fact, despite a little decrease in April, the IBON Foundation reports that Philippine inflation remains among the worst in Southeast Asia.
Despite strong growth in 2022 and 2023, the Philippines has a long way to go. There is little doubt that it will suffer global macroeconomic challenges in 2023, but there are significant pockets of potential in each of its major sectors. The government should also take into account recommendations to reduce consumption taxes and enhance purchasing power through wage increases and substantial cash aid to low-income families. It should also begin aggressively encouraging local production to reduce food prices, including support for micro, small, and medium-sized businesses. These supply-side strategies are more effective than, say, interest rate hikes in slowing economic activity in reducing aggregate demand. It should also pursue a long-term plan of developing a self-sufficient and self-sufficient national economy.
Domestic agriculture and the Filipino industry have been deteriorating for decades, the service sector is expanding as people seek work wherever they can, and there is an extreme reliance on overseas work. The national economy must be transformed into a high-value-added, high-productivity economy. A truly comprehensive development strategy that integrates national industrialization policy, agricultural modernization, high-quality public social services, and income and wealth redistribution is required. This transformative approach must be supported by a variety of trade and investment, monetary and financial, and fiscal policies. Big solutions are achievable with the right governance.
Resource:
https://www.onenews.ph/articles/76-think-philippines-headed-in-the-right-direction-poll
https://www.ibon.org/ph-inflation-among-the-highest-in-southeast-asia-ibon/
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