Panayam kay National Economic and Development Authority Usec. Rosemarie Edillon kaugnay sa inflation at labor force survey

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00:00Inflation and labor force survey, we will talk with National Economic and Development Authority Undersecretary Rosemarie Edilion.

00:09Usec Edilion, good afternoon.

00:12Yes, good afternoon.

00:15Usec, the inflation rate in the country is still slowing this September 2024.

00:20Does NEDA believe that the target inflation for this year can be achieved?

00:26Yes, that's right. That's one of the good news.

00:31Our inflation slowed down. It's 1.9% this September.

00:38So, from January of this year until September, our year-to-date inflation rate is 3.4%.

00:46So, if you would recall, our target is between 2% and 4% average for the year.

00:53And yes, we have great confidence that we will hit that target.

00:59Usec Edilion, what are the government's strategic measures to make the country's low inflation rate sustainable?

01:09Yes, with respect to inflation, our lookout here is on food.

01:15Because we know that we need to ensure our food security.

01:22Actually, last year, the president of the Interagency Committee on Inflation and Market Outlook created it.

01:32We have a subcommittee on food and a subcommittee on non-food.

01:37What this is doing is looking at the trends here in the country and outside of the country to anticipate.

01:48Because what we need here is to anticipate developments so that we can do something.

01:56We have seen that this kind of mechanism works.

02:05We have anticipated developments and we have a direct line to the president.

02:12There are regular meetings and we have a list of recommendations on what should be prioritized to lower the inflation.

02:26For example, with respect to the African swine fever, what we need here is to speed up the vaccination.

02:37The president immediately took action to speed up the process of testing and approval of the vaccines that we will use.

02:51The assessment is already done.

02:56Maybe there will be another stage and then there will be a big rollout.

03:01That will actually fix our inflation on the meat.

03:07We have seen that with the price, the importation and the lowering of the tariff were fruitful.

03:17In addition to that, the measures implemented by the Department of Agriculture were fruitful

03:25so that our domestic production will increase.

03:31Aside from the low inflation rate, the increase in the employment rate,

03:36what are the factors that contributed to the decrease of the unemployment rate in the country from 2023 to 2024?

03:47That's right. That's also one of the good news.

03:50Actually, our labor market has really been very strong.

03:56Our labor market is really strong.

03:59Our unemployment rate went down to 4%.

04:02Another factor that helped is the recovery of the tourism industry.

04:12We have seen the increase in employment related to accommodation, restaurants, and even arts and entertainment.

04:26That's a good thing, the data that we have seen.

04:31Other sectors like wholesale and retail trade activities also helped in the recovery of employment.

04:43We also think that inflation also helped.

04:47Because of the easing of inflation, it became easier for consumers to spend.

04:57Of course, when the demand increases, there is an increase in employment.

05:06Usec, can you explain to us the work for the Bayan Plan

05:11and what is the significance of this for employment here in the country?

05:15Yes. Thank you for the question.

05:18Actually, we're going around the country to do this consultation for the work for the Bayan Plan.

05:26It's a 10-year plan.

05:28As you know, it is required in the work for the Bayan Act.

05:33It's a 10-year plan and our objective here is for our labor market to be very dynamic and agile.

05:42Although our unemployment rate is decreasing, we can see that underemployment is still high.

05:50The quality of employment is one of the things that needs to be fixed.

05:56Of course, there are also those who complain about employers saying that their job skills mismatch.

06:02The workers they hire are not skilled enough.

06:08This means that the preparation of our workers is not good.

06:15At the same time, we did not anticipate the needs of our employers.

06:23We need to strengthen these mechanisms.

06:28How to anticipate the needs of the skills, how to prepare the future employees

06:37and the current employees.

06:39At the same time, we also want to identify the sectors that we will prioritize.

06:47We want to lower the goods and services heavily demanded by Filipino consumers.

07:00They need to be competitive and therefore, we will lower this.

07:06At the same time, we also want to have a plan to make our employment more inclusive.

07:13More women will be able to join the labor force, more persons with disabilities

07:20and of course, more youth will have an opportunity for employment for new graduates.

07:30It's not always a problem for them to get their first job

07:35because they don't have the experience.

07:37How will they have the experience?

07:39These are the kinds of mechanisms that we are working on for the Bayan Plan.

07:46What is the connection of the Pinoy Bill and what is the importance of it

07:52when it comes to the opportunity of upskilling and retooling of our countrymen?

07:57Yes, this is the connected Pinoy Bill.

08:00The purpose of this is for every mother to have easy and affordable access to internet.

08:13We know that there are transactions available online or being done online.

08:23We also know that there are many services that they can get or learn

08:31if they have access to the internet, even through knowledge exchange.

08:38For example, if we have a problem with the heat,

08:44we need to cancel face-to-face classes,

08:48they can still continue their learning if they have good internet.

08:53That is the number one purpose of this connected Pinoy Bill.

08:59We are looking at what are the people who love this service.

09:06Maybe we can fix this so that all of us, all Filipinos,

09:13can have easy and affordable access to the internet

09:18so that we don't have to spend a lot of money loading and loading.

09:23It means that we need to invest more in our telcos

09:28so that we don't have to pay a lot of costs to our consumers.

09:35Yusec, because of the current inflation and employment rate in the country,

09:40what do you think is the impact of this on our countrymen because of the holiday season?

09:46Oh yes, we are in for a very good holiday.

09:51Number one, because of the low inflation rate,

09:59it means that there is confidence.

10:04They can be confident about the prices of consumer goods.

10:13We can see that the demand can really increase.

10:19First of all, the demand will really increase because of Christmas.

10:24In addition, because of the higher confidence, the demand will increase.

10:30I'm sure our business sector will respond to this

10:38to take advantage of this good purchasing power.

10:46This increasing purchasing power of our countrymen,

10:52they will respond to this by employing more.

10:55Because they will produce more goods and services, they will need to employ more.

11:01So we get into what we call a virtuous cycle.

11:05We are looking forward to continue this.

11:10Of course, we will also join in the prayer.

11:13Actually, we are also saying that we are on the verge of it.

11:18But when we look at the forecast of hope, it will be a weak line.

11:23What we need to do is to prepare because there will be several places

11:30that will be affected by the heavy rains.

11:35We just need to be ready, especially the local government units,

11:41on how to respond to this.

11:43But apart from that, we can see that our holiday season will be good.

11:55Do you have a message for our countrymen?

11:59Yes. Maybe our message is that we actually appreciate

12:11how our countrymen respond, especially the workers

12:23because we can see the hard work of the Filipinos.

12:32We hope that we will continue, especially in the innovation part,

12:40because that will help us to have more income and more jobs.

12:48It will also help in lowering our prices.

12:52The government has a clear roadmap on how we can increase our employment,

13:00on how we can promote more innovation and access to services.

13:09You should always stay tuned to the announcements

13:15because every now and then, we will consult with you

13:18and we really value your inputs.

13:20And most especially, we hope that we can all help each other.

13:24That's all.

13:26Thank you very much for your time,

13:28National Economic and Development Authority Undersecretary Rosemarie Edilion.

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