SENATOR IMEE MARCOS STATEMENT
Re: Lower unemployment amid higher inflation

The October 2022 Labor Force Survey shows that the 7.6% growth of the economy recorded for the 3rd quarter of 2022 has translated to jobs, as shown by the reduction of the unemployment rate to 4.5% in October, compared to 5.0% in the September. This marks a return of the unemployment rate to pre-pandemic levels.

However, there is much work that needs to be done to address inflation-related responses, as the decrease in the unemployment rate has been due to less people looking for work.

As an #IMEEsolusyon, there is a need to prioritize projects that have a high labor multiplier, such as construction for infrastructure and agriculture. There is also a need to address the employment gap in the tourism industry by providing alternative livelihood in the short run and a comprehensive tourism plan in the long run. The digital and the creative economy represent low-lying fruit and can be tapped to increase employment as well.

Food prices mainly drove up the country's annual inflation rate to 8% this November, from 7.7% in October. Although within the Bangko Sentral's target of 7.4% to 8.2%, this represents a 14-year high since the global financial crisis of 2008. Available solutions still need more vigorous implementation and enforcement:

1. Create "bagsakan ng bayan" for supply of products. 

2. Monitor market prices and reign in those who go against suggested retail prices (SRPs).

3. Call on the private sector to assist their workers in terms of benefits for the first six months of 2023.

4. Stay simple in our expenses for the Holidays, so we save for the rainy days.

5. Study import-substitution on food.

6. Institutionalize KADIWA and put food terminals in critical areas where basic supplies are prepositioned.