President Marcos Jr. needs to create 8,000 jobs a day to be able to produce three million jobs a year. Three million is the number of jobs an administration must create every year to prove that the president’s economic plan is working and that the economy is strong.
The Philippines is short of nearly every kind of food—rice, corn, fish, vegetables. Food is 50 percent of the consumer basket; 55 percent of the CPI of the poorest. In April, the rate of increase in prices, rose to 4.9 percent, the highest in the last four years, under the Duterte administration, thanks to rapid and sharp rises in the prices of energy products and food products, and of nearly everything in between, including the cost of dying and burial.
Per the SWS, hunger afflicted in 2021, 11.8 percent of the 24 million families in the Philippines. That’s about three million families. Now, we must reduce our debts, otherwise, we get credit ratings downgrades, our cost of borrowings goes up, and everything that costs money goes up in prices or rate.
Besides, there is no shame in being a big borrower. Singapore, supposedly the most stable country in ASEAN, has a debt to GDP ratio of 139 percent 2.3 times our debt to GDP ratio.
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