Inflation, soaring prices making lives 'difficult' for Filipinos
Summary
TLDRThe transcript highlights the struggles of Filipinos like Paul De Balthazar, who, due to pandemic restrictions and soaring prices, now earns barely enough for his family's sustenance. With a daily income of six or seven dollars, he can only afford food for two days, excluding luxuries like onions, which are among the world's most expensive. Despite economic growth, high inflation and stagnant wages continue to plague the middle-class and poor, leading to President Ferdinand Marcos Jr acknowledging the rampant inflation. The hope is for economic gains to benefit ordinary citizens.
Takeaways
- π Paul De Balthazar, a driver, has seen his income reduced due to pandemic lockdowns and restrictions, limiting his work to only a few journeys a week.
- π΅ His daily earnings of six or seven dollars are barely sufficient for food, illustrating the financial struggles faced by many during these times.
- π A visit to the market reveals the high cost of basic commodities, with a significant portion of his budget spent on rice, chicken, and a few other items for his family of six.
- π The script highlights the increasing cost of living in the Philippines, with basic commodities like onions reaching around ten dollars a kilogram.
- π This situation is described as 'developed nation prices in a developing economy,' indicating the disparity between the cost of living and the average income.
- π Inflation in December was at its highest in almost a decade and a half, affecting not just the poor but also the middle class.
- π Despite oil prices starting to decline, it does not guarantee a decrease in the cost of living, only a slower rate of increase.
- ποΈ President Ferdinand Marcos Jr acknowledges the high cost of basic goods and the rampant inflation, alongside the economic recovery.
- π¨βπ©βπ§βπ¦ Paul De Balthazar expresses the hardship of making do with limited resources and the emotional toll of seeing his children suffer due to economic constraints.
- π There is a hope that any economic gains will 'trickle down' to ordinary Filipinos, improving their quality of life.
Q & A
What was Paul De Balthazar's occupation before the pandemic?
-Before the pandemic, Paul De Balthazar was a driver making daily trips.
How has the pandemic affected Paul De Balthazar's work?
-The pandemic has limited Paul's work to three or four journeys a week due to restrictions.
How much money does Paul De Balthazar make daily now, and how does it impact his family's food budget?
-Paul now makes six or seven dollars a day, which is barely enough for food for his family of six for two days.
What items did Paul De Balthazar buy at the neighborhood market, and how much of his budget did they consume?
-Paul spent a quarter of his money on rice, another quarter on chicken, and the rest on bananas, vegetables, and a few pieces of sausages and fish.
What is the current situation with the price of onions in the Philippines?
-Onions are among the most expensive in the world, costing around ten dollars a kilogram, which is unaffordable for many Filipinos like Paul De Balthazar.
How has the economy of the Philippines been affected by the pandemic and inflation?
-The economy is growing, but inflation in December was the highest in almost a decade and a half, causing difficulties for many Filipinos.
What is the current state of oil prices, and how does it relate to the cost of living in the Philippines?
-Although oil prices have started declining, it does not mean that prices of goods will decrease; they will just not increase as rapidly.
What is the government's stance on the economic recovery and the high cost of basic goods?
-President Ferdinand Marcos Jr has been promoting economic recovery but also acknowledges the high costs of basic goods and the rampant inflation.
What is the current unemployment rate in the Philippines, and how does it relate to inflation?
-The unemployment rate is quite reasonable considering the situation, but inflation is still a significant issue that is out of control.
What is Paul De Balthazar's hope for the future regarding the economy and his family?
-Paul De Balthazar hopes that any economic gains in the near future will trickle down to ordinary Filipinos, improving their living conditions.
Outlines
π Economic Struggles in the Philippines
The paragraph discusses the financial hardships faced by Filipinos, exemplified by Paul De Balthazar, a driver whose income has been severely impacted by pandemic lockdowns and the resulting economic restrictions. Previously able to support his family with daily work, he is now limited to a few journeys a week, earning barely enough to cover food for two days. The high cost of basic commodities, such as onions priced at around ten dollars a kilogram, is causing distress among both low-income earners and middle-class families. The situation is exacerbated by inflation, which reached its highest point in over a decade and a half in December. Despite economic growth, the rising prices are not expected to decrease significantly, posing a challenge for families with limited incomes. The narrative also touches on the government's acknowledgment of the issue and the hope that economic gains will benefit the general population in the future.
Mindmap
Keywords
π‘Pandemic lockdowns
π‘Soaring prices
π‘Inflation
π‘Basic commodities
π‘Economic recovery
π‘Unemployment rate
π‘Trickle-down effect
π‘Cooking staple
π‘Middle-class Filipinos
π‘Oil prices
π‘Budget constraint
Highlights
Pandemic lockdowns and soaring prices have severely impacted Paul De Balthazar's ability to provide for his family.
Before the pandemic, Paul made daily trips as a driver, but restrictions now limit him to three or four journeys a week.
Paul now makes only six or seven dollars a day, which is barely enough for food.
Life has become difficult for Paul with a daily budget of less than six dollars.
A quarter of Paul's money is spent on rice, another quarter on chicken, and the rest on other basic food items for his family of six.
The food budget is only sufficient for two days for Paul's family.
Inflation in the Philippines has led to high prices for basic commodities, even for developed nations.
Onions, a cooking staple, are among the most expensive in the world at around ten dollars a kilogram.
Middle-class Filipinos are also struggling with the high cost of living.
Inflation in December was the highest in almost a decade and a half.
Even with declining oil prices, the cost of living is not expected to decrease significantly.
President Ferdinand Marcus Jr acknowledges the high costs of basic goods despite economic recovery.
Inflation is running rampant and out of control, affecting the daily lives of Filipinos.
Paul De Balthazar has no choice but to make do with what he has, despite the hardships.
Paul hates seeing his children suffer and hopes for economic gains to benefit ordinary Filipinos.
The report highlights the economic challenges faced by Filipinos, including high inflation and the cost of living.
Transcripts
two years of pandemic lockdowns and now
soaring prices
Paul De Balthazar says he used to be
able to provide enough for his family
before the pandemic he made daily trips
as a driver but restrictions now limit
him to three or four Journeys a week
I only make six or seven dollars a day
that's weird enough for food life has
become really difficult
holding at the budget of less than six
dollars on the day we accompanied him to
the neighborhood market
a quarter of the money was spent on Rice
another quarter on chicken the rest on a
bunch of bananas some vegetables and few
pieces of sausages and fish
he said it was food for two days for his
family of six
developed Nation prices in a developing
economy this is how many Filipinos
describe the increasing costs of basic
commodities
one of the most significant a cooking
staple onions at around ten dollars a
kilogram they're among some of the most
expensive onions in the world
there was no way Paul D could afford
onions but even middle-class Filipinos
are hurting
well the economy is growing inflation in
December was the highest in almost a
decade and a half even though oil prices
have started declining that does not
mean prices are going to go down that
just means prices won't go up as fast as
before and that's going to be a problem
if families are not going to be earning
enough not only for the business and
while President Ferdinand Marcus Jr has
been touting economic recovery he's also
acknowledged the high costs of basic
Goods our unemployment rate is
quite reasonable considering the
situation however on the other side of
that coin there is still inflation that
is running rampant and out of control
Paulie says he has no choice but to make
do but he hates seeing his children
suffering he hopes that whatever gains
the economy makes in the near future
trickle down to ordinary Filipinos
find it below Al Jazeera Manila
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