Inflation drop due to Marcos’ import reliance, not domestic changes, says think tank

October 4, 2024 , 06:09 PM

By Rodolfo Dacleson II

(October 4, 2024) – Pres. Bongbong Marcos Jr. should not use the drop in inflation as justification for the meager wages since food prices remain high, an independent think tank stressed on Friday.

Inflation eased to 1.9% last September from 3.3% in August, according to the Philippine Statistics Authority (PSA). It was the lowest in four years since the 1.6% recorded in May 2020.

IBON Foundation explained that lower global oil prices and the weakening dollar led to slower inflation since the Philippines is “import-dependent” instead of employing “fundamental changes” to make the production of domestic goods and basic services cheaper.

“The price of benchmark Dubai crude, for instance, is down to less than $80 per barrel from highs of over $90 per barrel earlier this year,” said IBON Foundation in a media release. “The peso has also strengthened against the US (United States) dollar to P56 compared to nearly P59 a few months ago.”

It added that food prices continue to rise but wages remain low, dismissing the claims of the economic managers of Marcos that the slower inflation would boost consumer confidence and drive higher spending and consumption.

“The number of households without savings is increasing, which is an indirect indicator of depleting incomes. This increased by 1.2 million from a year ago to reach 19.2 million, or over seven out of 10 (71%) households, as of the third quarter of 2024,” said IBON Foundation, citing figures from Bangko Sentral ng Pilipinas.

Last September, it estimated that the average minimum wage of P448 was 63% short of the average living wage of over P1,200 for a family of five.

ALSO READ: Marcos admits Filipinos remain challenged by high food prices

A survey by the Social Weather Stations revealed that the number of families who experienced hunger rose to around 18% in June from 14% in March.

ALSO READ: Despite persistent hunger, poverty woes, nearly 40% Filipinos say life improved

The PSA reported that underemployment was at 12.1% in September, with more workers desiring additional hours for higher income.

“Improved local production to meet the nation’s needs is the only long-term solution to job creation as well as making basic goods and services accessible and affordable for Filipinos,” said IBON Foundation.

(PM)

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