SONA Special Report: Apat pang taon sa puwesto, limang mahahalagang hamon! Isa dyan ang bilis ng pagmahal ng bilihin na una sa mga gustong marinig ng taumbayan sa SONA ni President Ferdinand "Bongbong" Marcos Jr. ngayong Lunes. Kadikit niyan ang sahod at iba pang hamon sa ekonomiya.
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24 Oras is GMA Network’s flagship newscast, anchored by Mel Tiangco, Vicky Morales and Emil Sumangil. It airs on GMA-7 Mondays to Fridays at 6:30 PM (PHL Time) and on weekends at 5:30 PM. For more videos from 24 Oras, visit http://www.gmanews.tv/24oras.
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NewsTranscript
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.