SONA 2008: Economic indicators (ito ang ramdam na ramdam ng nakararami)
Arnold Tarrobago
SONA 2008: Economic indicators
- Comparing this year's rice prices (well-milled and regular-milled rice prices) to previous year's rice prices,
- This year's rice prices are around 60% higher compared to last year's rice prices.
- This year's rice prices are 100% higher compared to rice prices in 2001.
- Only those with family access cards issued by the DSWD may purchase the P18.25/kilo NFA rice.
- The P18.25/kilo NFA rice is the cheapest variety of NFA rice.
- Other varieties of NFA rice are more expensive than the P18.25/kilo variety but are still cheaper than commercial rice varieties.
- Imported NFA rice varieties cost P25-P35/kilo, depending on the variety.
| TYPE OF RICE/YEAR (amount in peso per kg) | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 (June) |
| Well Milled Rice | 19.43 | 19.98 | 20.20 | 21.04 | 22.88 | 23.56 | 24.72 | 38.40 |
| Regular Milled Rice | 17.54 | 18.00 | 17.95 | 18.71 | 20.73 | 21.28 | 22.39 | 35.79 |
-
High oil prices in the country may be attributed to the following factors:
-
record-high increases in oil prices in the world market - currently triggered by concerns over sluggish economy in the United States, and also the standoff between Western powers and Iran over Iran's nuclear program
-
VAT on petroleum products (12% VAT rate)
-
peso depreciation
-
-
Oil companies hiked diesel prices by P3/liter on July 19, 2008.
-
This was the highest single price increase for diesel since 1990.
-
Upon President Arroyo's request, the oil companies carried out a P1.50/liter rollback on diesel prices on July 21, 2008.
-
| OIL PRICE ADJUSTMENTS Jan-Jul 21, 2008 | HIKES | ROLLBACKS |
| gasoline | 19 times = P17.50/liter increase | 2 times = P1.50/liter decrease |
| kerosene | 20 times = P20.50/liter increase | 1 time = P0.50/liter decrease |
| diesel | 20 times = P22.00/liter increase | 3 times = P3.00/liter decrease |
| LPG (11 kg tank) | 8 times = P88.00/tank increase | 4 times = P33.00/tank decrease |
-
Oil companies carried out 19-20 hikes this year in gasoline, kerosene and diesel prices. This is equivalent to an increase of about P20 per liter.
-
The price rollbacks are far fewer -- 1-3 times so far this year, for a total of P0.50-P3.00/liter decrease.
-
LPG's P33/tank decrease in the first half of the year was offset by several price hikes in later months that totaled P88/tank.
| OIL PRICE (industry average) | January 2001 | July 2008 | % INCREASE |
| unleaded gasoline | P17.53/liter | P60+/liter | around 240% |
| diesel | P13.82/liter | almost P60/liter | around 330% |
| LPG (11 kg tank) | P208.59/tank | P644-P700/tank | around 200-235% |
-
oil prices have risen by 200-300% in the past seven years (January 2001 vs. July 2008 prices)
| average price range | July 2001 | July 2002 | July 2003 | July 2004 | July 2005 | July 2006 | July 2007 | July 2008 |
| unleaded gasoline (peso per liter) | P18.20 | P17.10 | P19.38 | P25.23 | P31.99 | P43.15 | P40.52 | P60+ |
| diesel (peso per liter) | P14.50 | P13.83 | P14.98 | P19.73 | P29.88 | P36.65 | P34.51 | almost P60 |
| LPG (peso/11 kg tank) | P208.39 | P191.27 | P223.74 | P299.30 | P337.28 | P466.17 | P489.98 | P644-700 |
FARE HIKE
| PERIOD | MINIMUM JEEPNEY FARE (METRO MANILA) |
| 2001-2003 | P4.00 for the first 5 kms |
| 2004 | P4.00 for the first 4 kms; later increased to P5.50 |
| 2005-2007 | P7.50 for the first 4 kms |
| 2008 | P8.00 for the first 4 kms; later increased to the current minimum fare of P8.50 |
| PERIOD | MINIMUM BUS FARE (ORDINARY, METRO MANILA) |
| 2001-2003 | P4.00 for the first 5 kms |
| 2004 | P6.00 for the first 5 kms |
| 2005-2007 | P8.00 for the first 5 kms |
| 2008 | P9.00 for the first 5 kms; later increased to the current minimum fare of P10.00 |
INFLATION RATE
| 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | June 2008 |
| 7.2 | 2.9 | 3.9 | 5.4 | 7.6 | 6.7 | 2.3 | 11.4 |
-
The year-on-year headline inflation rate in the Philippines jumped to a double-digit figure in June 2008 (11.4%) from 9.5% in May this year. This was the highest inflation rate since May 1994 (11.5%).
-
Headline inflation rate measures changes in the prices of goods and services consumed by a family.
MINIMUM WAGE
| DAILY MINIMUM WAGE IN METRO MANILA | |
| 2001 | 2008 |
| P228-265 | P345-382 |
-
Except for 2003, there has been yearly increases in the minimum wage from 2001-2008.
-
RA 9504, a law exempting minimum wage earners from paying income tax was signed by President Arroyo in June 2008
UNEMPLOYMENT RATE
| April 2005 | April 2006 | April 2007 | April 2008 | |
| unemployment rate | 8.3 | 8.2 | 7.4 | 8.0 |
| estimated number of unemployed persons | 2.9 million | 2.92 million | 2.69 million | 2.92 million |
-
The number of unemployed in April 2008 is slightly higher compared to the same period last year.
-
1 in 13 persons belonging to the labor force is unemployed, according to the April 2008 round of NSO's Labor Force Survey.
PESO-DOLLAR EXCHANGE RATE
| PESO VS. US DOLLAR CLOSING VALUE annual average (2001-2007) and latest closing value (2008) | |||||||
| 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 (as of July 25) |
| P50.99=$1 | P51.60=$1 | P54.20=$1 | P56.40=$1 | P55.08=$1 | P51.31=$1 | P46.15=$1 | P44.07=$1 |
-
The peso closed at its strongest level in eight years on February 27, 2008 -- P40.33=$1.
-
This year has seen the peso strengthening to 40- level in the first quarter. The peso's value against the dollar began to weaken in mid-March and has since been on a downtrend.
-
The peso reached its all-time peso low in 2004 (P56.45=$1). The peso started hitting the 56-level that year due to destabilization threats and slow canvassing of the 2004 election results.
OFW REMITTANCES
| 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 (Jan-May) |
| $6.03 B | $6.89 B | $7.58 B | $8.55 B | $10.69 B | $12.76 B | $14.45 B | $6.79 B |
-
OFW remittances have been steadily increasing in recent years.
-
OFW remittances went over the $10+ billion mark in 2005.
Sources: Bureau of Agricultural Statistics,Department of Energy, QuickSearch, GMA News, BusinessWorld, National Economicand Development Authority, National Wages and Productivity Commission, Office ofthe President website, NSO Labor Force Surveys, Bangko Sentral ng Pilipinas,Philippine Dealing System
He who dares teach must never cease to learn... sa Tagalog, 'Bakit nga ba bumababa ang kalidad ng edukasyon sa Pilipinas?'
Chat online and in real-time with friends and family! Windows Live Messenger