Philippines needs collective action to address economic challenges

Late last month, the Social Weather Stations (SWS) released its latest survey on self-rated poverty, which found that 48% of Filipino families classified themselves as “poor” in the third quarter of the year. While this was slightly higher than the 45% recorded in the previous quarter, families that rated themselves as “not poor” saw an increase during the same period, from 22% to 25%.

The most recent survey conducted by Pulse Asia Research in September 2023 showed that controlling inflation remains the most urgent national concern of the majority of Filipinos at 74%. The degree of Filipinos’ concern related to the need to control the rising prices of basic goods was observed in every geographic area and socio-economic class, and, alarmingly, posted an increase of 11 percentage points from June 2023. This was followed by increasing the pay of workers (49%), creating more jobs (27%), reducing poverty (25%), and fighting graft and corruption in government (22%). 

As observed in previous surveys, it is evident that economic concerns continue to be top-of-mind among Filipinos especially given the rising inflation, which was recorded at 6.1% in September 2023.

Amid major uncertainties, especially the emerging global cost-of-living crisis, addressing our own economic challenges requires a concerted effort among policymakers, the business community, and other relevant stakeholders. Quick-fix solutions will not prove beneficial in this regard.

Hence, shifting to a more investment-driven economic growth creates a domino effect that has the power to uplift the lives of countless Filipinos. This transition, particularly in the manufacturing sector, holds the potential to generate much-needed jobs and lay the foundation for sustained national prosperity.

Simultaneously, there is a need to upskill and re-skill the workforce for emerging new roles in the production and distribution of goods. In other words, it is crucial for the country to increase the force of manufacturing in driving up economic growth since the manpower and resources that are available complement the sustainability of that kind of growth.

To date, most Filipinos hold a favorable view about strengthening