{"id":11298,"date":"2021-06-03T18:31:38","date_gmt":"2021-06-03T10:31:38","guid":{"rendered":"https:\/\/www.ibon.org\/?p=11298"},"modified":"2021-06-07T20:04:44","modified_gmt":"2021-06-07T12:04:44","slug":"duterterioration-of-the-philippine-economy","status":"publish","type":"post","link":"https:\/\/www.ibon.org\/tl\/duterterioration-of-the-philippine-economy\/","title":{"rendered":"Duterterioration of the Philippine economy"},"content":{"rendered":"<p><strong>Weak before the pandemic:<\/strong><\/p>\n\n\n\n<ul><li><strong>Slowing growth<\/strong>&nbsp;since the start of the administration \u2013 6.1% in 2019 the slowest in eight years<\/li><li><strong>Swelling government debt<\/strong>&nbsp;\u2013 Php5.9 trillion (June 2016) to Php7.8 trillion (January 2020)<\/li><li><strong>Failing agriculture<\/strong>&nbsp;\u2013 gross domestic product (GDP) share fell from 10.1% (2017) to 9.2% (2019); 1.4 million jobs lost between 2017 and 2019; slowest land distribution in 32 years (averaging just 3,400 hectares monthly); record trade deficit (Php7 billion in 2018)<\/li><li><strong>Failing manufacturing<\/strong>&nbsp;\u2013 growth falling at 8% (2017), 5.1% (2018), and 3.8% (2019)<\/li><li><strong>Poor job generation<\/strong>&nbsp;\u2013 just 477,000 annually in 2016-2019 compared to previous 815,000 (2010-2014) and 541,000 (2011-2015)&nbsp;<\/li><li><strong>Shrinking wages<\/strong>&nbsp;\u2013 Real value of NCR minimum wage fell from Php468 (June 2016) to Php448 (January 2020, constant 2012 prices); nominal NCR minimum wage of Php537 just 52% of Php 1,026 family living wage for a family of five (January 2020)<\/li><li><strong><strong>Soaring prices \u2013 <\/strong><\/strong>4.5% inflation in April 2018 the highest in seven years; 9.7% food inflation (9.9% for bottom 30% of households) in September 2019 the highest in 11 years<\/li><li><strong>Widespread poverty&nbsp;<\/strong>\u2013 12.4 million Filipino families (over half of the population) surviving on just Php132 or less per person per day<\/li><li><strong>Neglecting health<\/strong>&nbsp;\u2013 budget share fell from 4.9% (2019) to 4.5% (2020)<\/li><\/ul>\n\n\n\n<p><strong>Made worse by inept COVID-19 response:<\/strong><\/p>\n\n\n\n<ul><li><strong>Record economic collapse<\/strong>\u00a0\u2013 GDP contracted 9.6% in 2020; major sectors also contracted year-on-year in Q1 2021: agriculture (-1.2% growth), construction (-24.2%), and wholesale and retail trade (-3.9%)<\/li><li><strong>Bloating government debt<\/strong>\u00a0\u2013 Php5.9 trillion (June 2016) to Php10.8 trillion (March 2021)\u00a0<\/li><li><strong>Agricultural neglect<\/strong>\u00a0\u2013 agriculture and agrarian reform only 3.2% of national budget (2021); trade deficit remains high at Php6.4 billion<\/li><li><strong>Record joblessness<\/strong>\u00a0\u2013 Real number of unemployed as high as 5.4 million (IBON estimates); full time work fell by 550,000 and low-paying insecure part-time work increased by 3.2 million from January 2020 to March 2021<\/li><li><strong>Even lower wages<\/strong>\u00a0\u2013 real value of NCR minimum wage even smaller at Php434.47 (April 2021); nominal NCR minimum wage Php537 just 51% of Php 1,058 family living wage for a family of five (April 2021)<\/li><li><strong><strong>Soaring prices \u2013 <\/strong><\/strong>7% food inflation in February 21 (5.8% for bottom 30% of households)<\/li><li><strong>Record hunger<\/strong>\u00a0\u2013 15 million families (62.1% of total) went hungry last year<\/li><li><strong>Dwindling ayuda<\/strong>\u00a0\u2013 Php239.3 billion (Bayanihan 1); Php22.8 billion (Bayanihan 2); Php18.4 billion (2021 budget)<\/li><li><strong>Snail-paced vaccination<\/strong>\u00a0\u2013 only 1.02 million fully vaccinated as of May 25, 2021; 145,243 vaccinations per day (7-day rolling average) versus 615,930 needed to reach target 70 million Filipinos by December 2021; vaccines delivered to date just enough for 4.1 million Filipinos<\/li><\/ul>\n\n\n\n<p><strong><em>Sources:&nbsp;<\/em><\/strong>Philippine Statistics Authority, Bureau of the Treasury, National Wages and Productivity Commission, Department of Budget and Management, Food and Nutrition Research Institute, Bantay Bakuna, IBON estimates<\/p>","protected":false},"excerpt":{"rendered":"<p>Under the Duterte administration,the Philippine economy was already weak before the pandemic and made worse by inept COVID-19 response.<\/p>","protected":false},"author":3,"featured_media":11306,"comment_status":"open","ping_status":"open","sticky":false,"template":"single-withbanner.php","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":"","_expiration-date-status":"saved","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[2048,3],"tags":[373,2578,2218,978,347,494,116,1838,1794,2577],"acf":[],"_links":{"self":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/11298"}],"collection":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/comments?post=11298"}],"version-history":[{"count":3,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/11298\/revisions"}],"predecessor-version":[{"id":11310,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/posts\/11298\/revisions\/11310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/media\/11306"}],"wp:attachment":[{"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/media?parent=11298"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/categories?post=11298"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ibon.org\/tl\/wp-json\/wp\/v2\/tags?post=11298"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}