INFLATION | Marcos ‘misses’ at taming inflation in 1st year

INFLATION | Marcos ‘misses’ at taming inflation in 1st year – political analyst

July 24, 2023 , 04:45 PM

By Clarist Zablan

(July 24, 2023) – President Ferdinand “Bongbong” Marcos Jr. missed the mark in his goal to tame rising inflation during his first year of presidency, a political analyst said on Monday as consumer prices remained an urgent concern among Filipinos.

Political science professor Jean Encinas-Franco said she was uncertain if the Marcos administration can bring down inflation to the Bangko Sentral ng Pilipinas’ (BSP) targets between 2% and 4% before the end of the year.

“May mga hits and misses ang kanyang (Marcos) accomplishments within the past year – ang pinaka-potent nito, yung miss niya, yung target inflation,” Encinas-Franco said on CignalTV’s One PH channel’s program “One Balita Pilipinas.”Nation Address, Marcos said the inflation rate will be brought down to 2.4 percent in 2024.

At his State of the Nation Address (SONA), Marcos said his administration targets to bring down inflation to 2.4 percent in 2024.

She stressed the Marcos administration needs to take actions to control inflation because this is experienced by ordinary Filipinos in their day-to-day lives.

Inflation slowed down to 5.4% last June, the fifth consecutive monthly slowdown in consumer prices, based on data from the Philippine Statistics Authority (PSA). But economists warned the onset of El Niño could potentially hamper the slowing of inflation in the country.

Despite slowing inflation, which came from a peak of 8.7% last January, most Filipinos still cite “controlling inflation” as their biggest concern that the Marcos administration needs to address, based on an opinion poll from Pulse Asia last month.

But more Filipinos approved of the administration’s actions in taming inflation in June compared to March, with the rate of disapproval dropping from 52% to 37% over the period.

Last May, Marcos ordered the creation of the inter-agency committee on inflation and market outlook (IAC-IMO), an advisory body tasked to come up with measures that will help bring down inflation of food and energy prices down to government targets.

“In view of the increasing prices of key commodities, particularly food and energy resources, the creation of an advisory body to the EDC (Economic Development Cluster), tasked to directly address inflation, will strengthen the EDC, and reinforce existing government initiatives aimed to improve the economy and the quality of life of the Filipino people,” the May order read.

Encinas-Franco said some of the urgent issues the Marcos administration must also address underemployment and learning poverty. As many as nine in 10 Filipino children aged 10 are still unable to read a simple story at the age of 10, based on figures from the World Bank.

On underemployment, the percentage of workers who are still looking for more work hours declined to 11.7% last May, compared to 12.9% in the previous month.

“Bagama’t ang unemployment bumababa, ang underemployment, sinasabi ng mga ekonomista, ito ay talagang kapag na-address, magdudulot ito ng pagbaba ng kahirapan,” she said.

(MM)

Privacy Statement

Our Privacy Commitment

TV5 Network Inc. values and respects your privacy. We are committed to safeguarding your personal data in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and its implementing rules and regulations.

We have developed a Privacy Policy that adopts and observes appropriate standards for personal data protection. While our Privacy Policy sets out the general principles governing the collection, use, and disclosure of our users’ personal information, our Privacy Commitment seeks to inform you more about TV5’s privacy practices.

Why do we collect your personal information (as applicable)?

We may collect and maintain basic information about you as site user of TV5 sites for the following purposes:

To deliver news and updates on current events, sports, esports and entertainment;
To share livestreams of news and sports events;
To understand our viewers’ needs and preferences;
To meet legal and regulatory requirements; and
To perform other processes or disclosures that are required to comply with pertinent laws, rules, or regulations.

Where do we get your personal information?

There are several ways we collect your personal information.

Information that you personally provided.

Most of the personal information we have are those that you have provided us when you:
- Register to our programs or services;
- Inquired, filed a complaint or requested for our services;
- Took part in our research and surveys; and/or
- Became our Partner, Vendor, Contractor or Supplier.

Information we collect during your engagement with us

We also collect information as you use our products and services, like:
- Viewing our websites;
- Activities that are being tracked by our website cookies;
- Calling our hotline;
- Using our apps, websites, and self-service channels and portals; and/or
- Joining our promos, prize raffles, or rewards and loyalty programs.

Information we collect from other sources

Other means of collection of information may be through:
- Our market research initiatives;
- When you visit and use our websites and mobile application; and
- Subsidiaries, affiliates, and third-party business partners to whom you have given consent to share your information to us.

When do we disclose personal information?

There may be instances when we are required to share the information you provided us. In such cases, we ensure that your personal information will be disclosed on a confidential manner, through secure channels and in compliance with the Data Privacy Act and other privacy laws.

We will never share, rent, or sell your personal information to third parties outside of TV5 except in special cases where you have given consent, and in cases described in our privacy policy.

In some instances, we may be required to disclose your personal information to our agents, subsidiaries, affiliates, business partners and other third-party agencies and service providers as part of our regular business operations and for the provision of our programs and services. This means we might share your information with our service providers, contractors, and professional advisers who help us provide our services.

How we protect your personal information

The integrity, confidentiality, and security of your information is important to us. We have implemented technical, organizational, and physical security measures that are designed to protect your information from unauthorized or fraudulent access, alteration, disclosure, misuse, and other unlawful activities.

We also put in effect the following safeguards:

We keep and protect your information using a secured server behind a firewall, encryption and security controls;
We keep your information only for as long as it is necessary for us to (a) provide the products and services that you avail from us, (b) for our legitimate business purposes, (c) to comply with pertinent laws, and (d) for special cases that will require the exercise or defense of legal claims;
We limit the access to your information only to qualified and authorized personnel who are trained to handle your information with strict confidentiality;
We undergo regular audits and rigorous testing of our infrastructure’s security protocols to ensure your data is always protected;
We promptly notify you and the National Privacy Commission when sensitive personal information that may, under the circumstances, be used to enable identity fraud are reasonably believed to have been acquired by an unauthorized person; and
We let you update your information securely to keep our records accurate.

TV5 will not collect, use, or disclose your personal information for any purpose other than the purpose that you may have given your consent for.

What are your choices?

We make sure that we have your consent to continue to collect, use, and disclose your personal information for the purposes that we have identified. We want you to know that you may object or withdraw your consent and/or edit your consent preferences at any time.

If you wish to have access to the personal information in our custody or if you think that the personal information you provided is incomplete, or otherwise inaccurate, you may get in touch with our Data Protection Officer through the contact details provided below. In some instances, we may request for supporting documents or proof before we effect requested changes.

Data Protection Officer
TV5 Network Inc.
Reliance corner Sheridan Streets
Mandaluyong City
tv5dataprivacy@tv5.com.ph

What happens when there are changes in our Policy?

From time to time, we may update our privacy policy and practices to comply with changes in applicable laws and regulatory requirements, adapt to new technologies and protocols, and align with the best practices of the industry.

You will be provided notices if the changes are significant and, if we are required by law, we will obtain your updated consent.