MANILA — According to a new Pulse Asia poll issued on Tuesday, the majority of Filipinos want the Marcos government to prioritize curbing inflation and raising wages in the wake of tough economic conditions.
A nationwide survey of 1,200 adults conducted between June 24 and June 27 revealed that 57% want the Marcos administration to take “immediate measures” to curb inflation. Other major concerns for Filipinos were wage pay hikes for workers (45%), poverty reduction (33%), and jobs creation (29%).
Respondents were permitted to select three problems they believe President Ferdinand Marcos Jr. must address immediately. Among the 57% of Filipinos who mentioned rising prices in their survey responses, 29% listed inflation as the most pressing national problem that the new administration should address first, surpassing corruption, law enforcement, and pandemic response.
Based on the government data, inflation sizzled 6.1% year-on-year in June, the hottest in over three years, as supply chain disruptions brought by the pandemic are worsened by a crashing peso, which has been exacerbating imported inflation amid motoring global energy prices.
This year, the economic team of the Marcos Jr. administration conceded that the government will likely miss its 2-4% annual inflation target. They projected that inflation would not return to the state’s target until 2024.
The economic team has yet to present clear-cut plans to curb rapid inflation. Meanwhile, Bangko Sentral ng Pilipinas Governor Felipe Medalla said the central bank is ready to implement its first 50-basis-point rate hike since 2018 when the Monetary Board meets in August.
There are discussions about continuing the ongoing cash aid and fuel subsidies implemented by the Duterte administration to help the poor withstand the sting of elevated prices, although fiscal constraints could force Marcos to stop the programs next year. Economic managers are also hoping for a more sustained economic rebound in 2023.
Pulse Asia reported that with inflation woes not expected to go away anytime soon, expensive consumer items are the top concern in all geographical areas, especially in the National Capital Region (47.2%), as well as in Classes D and E (38.4% and 52.3%, respectively).
For those in Class ABC, the priorities of the new president should be providing jobs or other sources of income (30.7%), reining in inflation (26.3%), and addressing issues concerning the agricultural sector (14.2%).
In response to a request for opinion, Anthony Lawrence Borja, a professor of political science at De La Salle University in Manila, stated that the impact of inflation on Marcos’ popularity would rely on five “intertwined” factors.
First, “the presence or absence of a clear and concrete plan that can reduce the fears of the public while giving the impression of government activity; (2) the actual and projected impacts of such policies; (3) the aggravation or alleviation of external pressures like the war in Ukraine on the global supply chain,” Borja said.
He added that the extent of damage that inflation may inflict on public perception on Marcos would also depend on “(4) inflation spilling into other areas of human security like poverty and food security; (5) and the availability of ‘scapegoats’ that the Marcos administration and its propagandists can eventually blame for the possible failure to stabilize or reduce inflation.”
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