Panayam kay National Economic and Development Authority Usec. Rosemarie Edillon kaugnay sa inflation at labor force survey
Panayam kay National Economic and Development Authority Usec. Rosemarie Edillon kaugnay sa inflation at labor force survey
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NewsTranscript
00:00Inflation and labor force survey, we will talk with National Economic and Development Authority Undersecretary Rosemarie Edilion.
00:09Usec Edilion, good afternoon.
00:12Yes, good afternoon.
00:15Usec, the inflation rate in the country is still slowing this September 2024.
00:20Does NEDA believe that the target inflation for this year can be achieved?
00:26Yes, that's right. That's one of the good news.
00:31Our inflation slowed down. It's 1.9% this September.
00:38So, from January of this year until September, our year-to-date inflation rate is 3.4%.
00:46So, if you would recall, our target is between 2% and 4% average for the year.
00:53And yes, we have great confidence that we will hit that target.
00:59Usec Edilion, what are the government's strategic measures to make the country's low inflation rate sustainable?
01:09Yes, with respect to inflation, our lookout here is on food.
01:15Because we know that we need to ensure our food security.
01:22Actually, last year, the president of the Interagency Committee on Inflation and Market Outlook created it.
01:32We have a subcommittee on food and a subcommittee on non-food.
01:37What this is doing is looking at the trends here in the country and outside of the country to anticipate.
01:48Because what we need here is to anticipate developments so that we can do something.
01:56We have seen that this kind of mechanism works.
02:05We have anticipated developments and we have a direct line to the president.
02:12There are regular meetings and we have a list of recommendations on what should be prioritized to lower the inflation.
02:26For example, with respect to the African swine fever, what we need here is to speed up the vaccination.
02:37The president immediately took action to speed up the process of testing and approval of the vaccines that we will use.
02:51The assessment is already done.
02:56Maybe there will be another stage and then there will be a big rollout.
03:01That will actually fix our inflation on the meat.
03:07We have seen that with the price, the importation and the lowering of the tariff were fruitful.
03:17In addition to that, the measures implemented by the Department of Agriculture were fruitful
03:25so that our domestic production will increase.
03:31Aside from the low inflation rate, the increase in the employment rate,
03:36what are the factors that contributed to the decrease of the unemployment rate in the country from 2023 to 2024?
03:47That's right. That's also one of the good news.
03:50Actually, our labor market has really been very strong.
03:56Our labor market is really strong.
03:59Our unemployment rate went down to 4%.
04:02Another factor that helped is the recovery of the tourism industry.
04:12We have seen the increase in employment related to accommodation, restaurants, and even arts and entertainment.
04:26That's a good thing, the data that we have seen.
04:31Other sectors like wholesale and retail trade activities also helped in the recovery of employment.
04:43We also think that inflation also helped.
04:47Because of the easing of inflation, it became easier for consumers to spend.
04:57Of course, when the demand increases, there is an increase in employment.
05:06Usec, can you explain to us the work for the Bayan Plan
05:11and what is the significance of this for employment here in the country?
05:15Yes. Thank you for the question.
05:18Actually, we're going around the country to do this consultation for the work for the Bayan Plan.
05:26It's a 10-year plan.
05:28As you know, it is required in the work for the Bayan Act.
05:33It's a 10-year plan and our objective here is for our labor market to be very dynamic and agile.
05:42Although our unemployment rate is decreasing, we can see that underemployment is still high.
05:50The quality of employment is one of the things that needs to be fixed.
05:56Of course, there are also those who complain about employers saying that their job skills mismatch.
06:02The workers they hire are not skilled enough.
06:08This means that the preparation of our workers is not good.
06:15At the same time, we did not anticipate the needs of our employers.
06:23We need to strengthen these mechanisms.
06:28How to anticipate the needs of the skills, how to prepare the future employees
06:37and the current employees.
06:39At the same time, we also want to identify the sectors that we will prioritize.
06:47We want to lower the goods and services heavily demanded by Filipino consumers.
07:00They need to be competitive and therefore, we will lower this.
07:06At the same time, we also want to have a plan to make our employment more inclusive.
07:13More women will be able to join the labor force, more persons with disabilities
07:20and of course, more youth will have an opportunity for employment for new graduates.
07:30It's not always a problem for them to get their first job
07:35because they don't have the experience.
07:37How will they have the experience?
07:39These are the kinds of mechanisms that we are working on for the Bayan Plan.
07:46What is the connection of the Pinoy Bill and what is the importance of it
07:52when it comes to the opportunity of upskilling and retooling of our countrymen?
07:57Yes, this is the connected Pinoy Bill.
08:00The purpose of this is for every mother to have easy and affordable access to internet.
08:13We know that there are transactions available online or being done online.
08:23We also know that there are many services that they can get or learn
08:31if they have access to the internet, even through knowledge exchange.
08:38For example, if we have a problem with the heat,
08:44we need to cancel face-to-face classes,
08:48they can still continue their learning if they have good internet.
08:53That is the number one purpose of this connected Pinoy Bill.
08:59We are looking at what are the people who love this service.
09:06Maybe we can fix this so that all of us, all Filipinos,
09:13can have easy and affordable access to the internet
09:18so that we don't have to spend a lot of money loading and loading.
09:23It means that we need to invest more in our telcos
09:28so that we don't have to pay a lot of costs to our consumers.
09:35Yusec, because of the current inflation and employment rate in the country,
09:40what do you think is the impact of this on our countrymen because of the holiday season?
09:46Oh yes, we are in for a very good holiday.
09:51Number one, because of the low inflation rate,
09:59it means that there is confidence.
10:04They can be confident about the prices of consumer goods.
10:13We can see that the demand can really increase.
10:19First of all, the demand will really increase because of Christmas.
10:24In addition, because of the higher confidence, the demand will increase.
10:30I'm sure our business sector will respond to this
10:38to take advantage of this good purchasing power.
10:46This increasing purchasing power of our countrymen,
10:52they will respond to this by employing more.
10:55Because they will produce more goods and services, they will need to employ more.
11:01So we get into what we call a virtuous cycle.
11:05We are looking forward to continue this.
11:10Of course, we will also join in the prayer.
11:13Actually, we are also saying that we are on the verge of it.
11:18But when we look at the forecast of hope, it will be a weak line.
11:23What we need to do is to prepare because there will be several places
11:30that will be affected by the heavy rains.
11:35We just need to be ready, especially the local government units,
11:41on how to respond to this.
11:43But apart from that, we can see that our holiday season will be good.
11:55Do you have a message for our countrymen?
11:59Yes. Maybe our message is that we actually appreciate
12:11how our countrymen respond, especially the workers
12:23because we can see the hard work of the Filipinos.
12:32We hope that we will continue, especially in the innovation part,
12:40because that will help us to have more income and more jobs.
12:48It will also help in lowering our prices.
12:52The government has a clear roadmap on how we can increase our employment,
13:00on how we can promote more innovation and access to services.
13:09You should always stay tuned to the announcements
13:15because every now and then, we will consult with you
13:18and we really value your inputs.
13:20And most especially, we hope that we can all help each other.
13:24That's all.
13:26Thank you very much for your time,
13:28National Economic and Development Authority Undersecretary Rosemarie Edilion.