Hopeful reflections on economic security for 2024

All these challenges are directly interlinked because the world has become a digitally connected and virtually borderless ecosystem

The end of another year and the beginning of a new one right after the Christmas holidays is always a season of high hopes for Filipinos which has been consistently reflected in Pulse Asia’s yearend surveys on how people will be facing the coming year.

“Practically every Filipino adult (92 percent) will be facing 2024 with hope” is the recently announced findings of Pulse Asia’s December 2023 poll which matches the results from the same period in 2022. This optimism dominates across all socio-economic groupings nationwide.

As an advocate for consumer relevant issues, I’ll be sharing my little list of reflections, hopes, and wishes for economic security in 2024.

First on my hope list is for the government to act quickly and effectively address the high inflation rate predicted by experts to further raise consumer prices, as more inflationary pressures are expected. Government data recorded an average of 6.2 percent inflation rate from January to November which is a big miss from the target of two percent to four percent.

The daily hit on consumers is the cost of food, transportation, and energy which is linked to the next items in this list.

Achieving food security is high on my hope list because this is a gut issue that is one of the major risks confronting this administration.

They’re boosting the budget for agriculture and focusing on investments that lower production costs, improve value chains, and promote agricultural consolidation and modernization.

However, the success of these measures will depend on various factors, including the global economic situation, climate conditions, and the effective implementation of these plans.

Efficient, safe, and affordable transportation is vital to our lifestyle and work.

Despite no quick fixes to this escalating issue, hopefully, there will be significant progress in our roads, airports, seaports, railways, and public transport modernization.

The shift from outdated, inefficient, and polluting modes will cause disruptions and face resistance, challenging the government’s resolve.

However, the reality is clear: commuters, tired of congestion and unsafe conditions, deserve better.

It’s time to leave the obsolete and move on to the upscale transportation infrastructure to meet global standards.

Electricity is a substantial chunk of the monthly expenses of all households and enterprises of all sizes, both private and government-owned.

Hence, meeting the surging demand for power and energy or energy security is another economic pillar that government will hopefully be able to expeditiously resolve to attract investors to build the country’s baseload capacity at a pace and level that will avoid another energy crisis.

This is requisite to our competitiveness as a location for long-term investments that will revitalize the manufacturing sector and give us a fair shot and the trending exodus of factories out of China.

Systemic digital transformation has become the administration’s mantra envisioned to harness digital technologies and policy reforms that would instill efficiency, transparency, responsiveness, and accountability – a conversion from bad to good governance in the national and local levels. Cybersecurity is yet another growing risk wherein we need robust defense.

Hopefully, we will see more government and private partnerships to make this happen amidst the regulatory blocks that need to be upgraded to be compatible with a fast innovating and dynamic digital economy.

Understanding how to properly harness artificial intelligence, which has huge potential for productivity, governance, and cybersecurity but not without its risks such as disrupting people’s jobs, is a challenge that government needs to quickly adapt to.

The evolving geopolitical developments in Europe and especially in the Indo-Pacific region wherein the Philippines plays a central role against the main aggressor, China, will continue to be critical risk factors.

President Marcos Jr’s recent pronouncement looking into a “paradigm shift” in addressing China’s latest harassment in the West Philippine Sea because he sees “very little progress” on the “traditional methods of diplomacy” will hopefully see more collaborative actions with allies and partners that will lead to a more stabilized environment in the region.

All these challenges are directly interlinked because the world has become a digitally connected and virtually borderless ecosystem.

Amidst great challenges are great opportunities that with an all-of-society mindset, we can hopefully move forward to a happier 2024.