The recent report from the Philippine Statistics Authority highlighting a December 2024 inflation rate of 2.9 percent and an average of 3.2 percent for the year underscores a growing economic concern for many Filipinos. As the value of the peso diminishes, households are increasingly feeling the pinch, prompting many to reassess their financial strategies and livelihoods.
Ateneo de Manila University economist Leonardo Lanzona aptly points out the relationship between rising poverty and underemployment. As real incomes fall, the quest for secondary jobs becomes not just a matter of choice, but a necessity for survival. The notion that underemployment is solely linked to low-quality jobs overlooks the broader economic context where individuals are simply trying to make ends meet in an increasingly expensive environment.
The National Economic and Development Authority has been proactive in monitoring real wages, which rose despite the inflationary pressures. However, Undersecretary Rosemarie Edillon warns that the increase in real wages does not necessarily translate to enhanced purchasing power, as consumer preferences shift towards higher-quality goods that often come at a premium. This shift can create a perception of insufficient income, even in the face of nominal wage increases.
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