Editorial

Moving on economic challenges, trends

What’s up on 2019 Labor Day (May 1)? Expecting a special wage hike gift to be legislated? Labor groups through the Trade Union Congress of the Philippines are pleading for additional P750 wage (but is this for Metro Manila only?). A national legislation on this is rather far-fetched. Forcing this issue would only result to personnel lay-off and shutdown or close-shop of some businesses. Daily wage earners could only get consolation, with dissatisfaction, when the Regional Tripartite Wage Productivity Board announces another salary hike adjustment, but not crawling near the additive P700 figure for sure. 

The Philippine Statistics Authority assessed that a household monthly income of some P10,000 is a way out of poverty for a family of five, but the TUCP countered that this is not “enough” considering the high cost of living and other intervening factors. To the IBON Foundation, it is P23,660 for a decent living for the same family size. The figures are debatable for “enough-ability.”

Dreaming of a high pay of P80,000 a month, which some (professional) workers could earn overseas or abroad?  Better become an industrious, aggressive, and energetic entrepreneur to earn more than this much. When abroad anyway, you spend in foreign currency and not the peso.

Gone where the days when gasoline price per liter was 35 centavos and a can of sardines at 45 cents, when rice was sold per ganta and not by the kilo, when a double- movie program entrance fee at the orchestra was 35 or 45 centavos, when an 8-ounce softdrink was 15 centavos and a bottle of beer at 35 cents… all these low prices when the minimum wage was at P4 to P6 and then P8 a day at that time. Our elders say that the cost of living the years past were not harsh… perhaps when demand for living was not high unlike today’s sophistication. Well, the cost of living can be treated as relative, which is dependent on economic trending.

The question arises: Did the past generation incur savings from their wage earnings as what our present generation, say the millennials, could muster this current? We can perhaps gauge this as what they had in the early years and what they have today in terms of holdings such as property  as well as comparative coping with the cost of living. Non-economic advancement could only mean non-upward vertical social mobility and life could be rendered harsher considering the high cost of living nowadays in the backdrop of large family size.

How can we cope with the economic battle when logistics or minimum wage are at stale? To dream is merely a gamble with unsure results but striding forward with determination of gain would be a head on because of positive character. Striving to win is a lot better gesture than mere contentment. What opportunities are being offered, such as free tertiary education in public schools and business forum or training, should now be grasped so to be equipped with the inputs for economic productivity.

In today’s life saga, one must be attentive to opportunities to push one’s social and economic position or holding for the better and be secured in life. It’s moving to life’s challenges and developing a philosophy of hard strive for successful or fuller living. When constructing a family in today’s world, one has to develop a framework on what the unit should become as ideal and act according to such premise. Remember, idealism is different from realism… the former could only be a dream but the latter requires dynamism so to be a realist borne out of ideals.

So what do you think could add up to your daily wage? Self-initiative for worthwhile economic profit or gain could be your own gift on Labor Day. So how do you manage your budgeting this far? Well, be practicable or a realist in consumption behavior lest you suffer in debts and fall to poverty because of losses.