Manila, Philippines, June 13, 2022 /PRNewswire/ — Inflation in The Philippines further increased by 4.9% in April 2022 at 5.4% in May 2022 compared to 2.9% of January 2022. This rapid increase is unusual compared to 3.9% annually and poses a risk to consumer consumption behavior. The inflation rate forecast by Bangko Sentral ng Pilipinas (BSP) of 5.0-5.8% for the month is within the expected range.
The National Economic Development Authority (NEDA) of The Philippines highlights the issuance of Executive Order (EO) No. 171 and the government’s fuel subsidy program to help mitigate the impact of global inflationary pressures. Even though drastic measures are being taken, there seems to have been a surge in the number of Overseas Filipino Workers (OFW) seeking work and greener pastures overseas since then. Jan 2022.
Secretary for Socio-Economic Planning Karl Kendrick T. Chua say it Russia–Ukraine the conflict has disrupted the global supply chain and driven up commodity prices, particularly for fuel. We have seen how a single crisis can set us back, which is why the Duterte administration has carried out both short-term and long-term interventions to increase the resilience of our national economy to external shocks.”
Since Monday, March 28, 2022Philippine oil prices began to rise rapidly due to the expansion of the as Russia–Ukraine war is raging in the Balkans. According to the Foreign Secretary Theodoro Locsin the Philippines supported Russia global isolation, and supports China as the main mediator. Oil and gas prices have increased by 3.40 pula per liter for petrol and 8.65 pula for diesel with no end in sight. This trend is expected to hit local consumers very hard and quickly reduce local household spending.
Recently The Philippines foreign affairs secretary Teodoro Locsin Jr. said during a meeting with the President of the United States Joseph Biden Jr. that he believes that the overall isolation of Russia will only serve to weaken the three major resolutions which have already established the illegality and indecency of the latter’s attack on Ukraineas Manila expressed support for China as a “credible” mediator in the conflict.
Ukraine provides much of the world’s corn, wheat, oilseeds and weaning ourselves off Russian energy, whether oil or ultimately gas, could become a huge mistake on the part of Western partners.
Shortages of food products such as pork, fish and corn would add to upward inflationary pressures compounded by expensive oil produced by Russia invasion of Ukrainesaid the state planning agency, the National Economic and Development Authority (Neda).
Manila-based at 123 Finance Corporation, a licensed securities finance company listed among the Philippines finance companies, with a Certificate of Authority (CA) currently facilitates over 51% of Filipino Overseas Workers (OFW) in foreign countries such as hong kong and Saudi Arabia. Currently, one in three Filipinos uses the services of a multifunctional loan to facilitate both education and work abroad today to finance their family in Philippines due to high cost of living and low income Philippines. The Philippines has seen an increase in demand for loans for migrant workers since Corona virus warnings began to be lifted in many countries in recent months, as reported by the media.
The current CEO Mr. Ruben Fischer of the 123 Finance Corporation said: “We are seeing upward inflationary pressures compounded by the price of oil which will increase the migration of workers overseas and reduce the local workforce if rising trends cost of living and increasing poverty among ordinary households continues. of food products such as wheat, pork, fish and corn are looming, which could lead to unprecedented inflationary pressures in The Philippines which will lead to an increase in OFWs seeking a better life”
“The rising cost of basic commodities is an added incentive for Filipinos to seek higher wages abroad, with remittances helping to fill the financial gap for their families in The Philippines.” CEO Ruben Fischer of 123 Finance Corporation pointed out.
123 Finance Corporation indicated that The Philippines is one of the emerging markets likely to suffer the most from expensive oil after the start of the recent war in Ukraine which will trigger many more migrant workers from Philippines in the coming month. The high cost of living and low incomes are driving the demand for overseas labor and, more likely, will increase the growing number of OFWs from Philippines abroad.
The Filipino labor diaspora is one of the largest in the world with approximately 9 million people, or about 10% of the Filipino population, who currently work abroad and send approximately $33.5 billion (USD) per year at home, a massive transfer that contributes to the national economy every year.
The official site of the Manila-based 123 Finance Corporation, approved titles The finance company’s website can be found at is at www.123finance.ph
About 123 Finance Corporation:
Manila-based at 123 Finance Corporation, a licensed securities finance company listed among the Philippines finance companies, with a Certificate of Authority (CA) currently facilitates over 51% of Filipino Overseas Workers (OFW) in foreign countries such as hong kong and Saudi Arabia. 123 Finance Corporation Certificate of Authority (CA) can be found on the government website in the list of finance companies at November 30, 2021 this list of finance companies, with certificate of authority (CA), subject to modifications/updates.
SOURCE 123 Financial company