The ongoing Middle East conflict is taking a toll on the Philippine economy, with the peso weakening and the government lowering its growth forecast. Economists warn of rising bad loans and a sharp increase in unemployment. These gloomy forecasts are expected to continue as President Bongbong Marcos Jr. and his economic team finalize their game plan.
Economic Jargon vs. Reality
Economists often use complex language that confuses the public. For instance, they say 'the base effect from last year's inflation environment is wearing off and prices of basic commodities will likely settle at certain percentages.' But ordinary Filipinos—like trike drivers, barangay tanods, and construction workers—struggle to understand such terms. All they know is that their earnings can barely cover daily expenses.
Rising Prices Hit Everyone
Higher prices, especially for petroleum, are a common complaint across all classes. Only those in high government positions seem unaffected. A typical wage earner now finds that P700 to P800 does not last a day, with costs for water, electricity, medicine, and transport eating up income.
Nostalgic Prices from the Past
In the late 1960s and early 1970s, a plate of jambalaya cost 50 centavos, coffee was 5 centavos, a jeepney ride was 10 centavos, and a liter of gasoline was 18 centavos. A round trip from Angeles to Manila cost only 85 centavos. Today, a daily wage of P750 cannot even send two children to school.
Palace Optimism vs. Ground Reality
Malacanang often highlights a dramatic increase in GDP and positive ratings from offshore agencies. Undersecretary Claire Castro, the palace spokesperson, claims the Philippine economy will outperform regional and global averages. But such language does not resonate with wage earners, whose reality is hunger and hardship. Many families can barely cope, while the wealthy and corrupt enjoy exclusive lifestyles.
The Middle East conflict adds another layer of concern. As prices continue to rise, the poor are left with nothing for supper. The gap between official optimism and everyday suffering grows wider.
