There Is A Crisis In The Country Brought By High Prices And Low Salary Rates
CRISIS IN PH – There is a crisis in the Philippines brought by high prices of goods and low salary rates, one senatorial candidate said this morning.
Two year ago, Philippines had the fastest growing economy in Asia according to National Economic and Development Authority or NEDA.
Economic growth is like the powerhouse of a country, it keeps things going and it can be an indicating factor of living quality. Thus, it is very important keep track of it to make necessary adjustments.
Currently, according to Senatorial Candidate Neri Colmenares, there is a crisis in the country due to the increase in prices of goods and the stagnant rate of salaries.
Based on the video posted on Twitter by Jekki Pascual of ABS CBN.
He said this during a press conference of LaborWin candidates this morning as it took place during this year’s national Labor Day.
Philippines’ Current Economic Status
Philippines economic growth apparently slowed down in this years’ first quarter. The manufacturing sector, weakening since March with Purchasing Managers’ Index or PMI hitting a 7-month down.
Economic indicator – business confidence – also plummeted to its lowest in three years according to survey. Merchandise exports also flopped in February.
This is according to Focus Economics’ article about the Philippines’ economic outlook.
The online economic forecast provider also posted:
“The protracted budget deadlock continues to derail new public works projects and social program spending that were scheduled to begin this year. This, coupled with the election spending ban on new infrastructure projects (spanning from the end of March to mid-May), suggest public investment will likely be feeble in the first half of the year, which would eat into overall growth in Q1 and Q2.”
That is all there is to it, at least for now. We’ll post updates as soon as we got them.
