Heavenly Joy Cuaresma
CFMP – C
Assignment: News Digest
The news articles talk about the impending effects of the war on Russia in our world economy.
The first key thought that I’d like to point out is that oil and gas prices are continuingly rising in the
global arena. This would mean that oil and gas prices in the Philippines would also rise. Leading those
who can afford it to hoard gasoline while the prices are still low. Second key thought that I encountered
is that the rising prices affect inflation expectations greatly which locally would mean that Filipinos
would be bracing for higher prices of goods and again, only those who are wealthy can better prepare
against this scenario. Thirdly, higher oil and gas prices dim economic growth which means that while
prices are rising, Filipinos would struggle to meet their expenses due to higher prices of commodities.
Additionally, these inflation expectations last long when it’s the prices of gasoline that’s getting higher.
Fourth key thought is that the consumer price index is higher, and the prices of the commodities will
increase greatly for quite some time. This would cause ripples in the national economy. Some people
would try to find better or more jobs to no avail. Some would demand help or intervention from the
government in the form of rallies or strikes. Some families would lessen their family consumption just to
budget their meager earnings. Such is the fate of a developing country amid an economic emergency.
Lastly, it was mentioned in the article that people are only beginning to start going out of their homes to
spend from the fear of CoVid-19 and now this situation would keep consumer spending weak. The
Philippines’ economy would be drastically affected continuing to lag behind major economies than
usual. These are the five thoughts I’ve gathered from the news articles given to us.