WHILE the price of onion is expected to decrease, Filipinos will still be facing a number of challenges this year including new taxes, more borrowings, and less ayuda, according to Ibon Foundation Inc.
“Still, nothing is ever completely fixed. The government is still the single most powerful economic entity in the country with immense resources, machinery and regulatory powers. The problem is not that it is powerless but on what it is choosing to use its powers for,” Africa said. The slowdown in the economy could lead to job losses and an increase in low quality jobs through the informal sector. This, Ibon said, could compound the already difficult labor conditions in the country.
Ibon said this included the 16.8 million openly informal workers such as domestics, family farms and business, and self-employed workers as well as 12.6 million in precarious work in unregistered establishments. Africa said there could be over P2 trillion in gross borrowing but at least P1.6 trillion of this will go straight to debt service. As much as P582 billion could be for interest payments and P1 trillion for amortization.
“The binding constraint to steadier progress and development is the outdated faith in market forces. The blindness to the state’s responsibility to intervene will mean worse times in 2023. It will also reopen lockdown wounds that were hidden by last year’s rebound but haven’t really healed yet,” Africa said.EARLIER, House of Representatives Ways and Means Committee Chairman Jose Sarte Salceda estimated that a “Louis Vuitton” tax could generate P12.
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