Thank You!
CRISHA MAE S. CORREA
THIRD AND FOURTH LEARNING TASK
ABM007
APPLIED
ECONOMICS
SUBMITTED BY:
CRISHA MAE S. CORREA
12ABMA2-2
OVERVIEW
PART I.
Determination of
Department and their
Functions
PART II.
Organi zati onal Control &
Gasol i ne Pri ce Hi ke Aftermath
to Vari ous Sectors
PART III.
Enumerati on Rel ated to
Busi ness and the Soci ety
PART I
Ten (10) Departments and Organziations and its Function
Department of Trade and Industry (DTI)
Welfare of consumers is indeed the paramount of the Department of
Trade and Industry (DTI). It is highly committed on providing
protection to the rights and interests of consumers and essentially
contributes in terms of development and implementation of both
policies and programs with the main objective of increasing growth
and sustainability of the Philippine Economy. DTI also serves as a
reliable source of public trust and awareness onto knowing their
rights and responsibilities as consumers.
Philippine Health Insurance Corporation (PhilHealth)
It was year 1995 when the creation of PhilHealth took place to
fulfill its goal of implementation of universal health coverage in
the Philippines. PhilHealth is in charge of collecting premiums,
accrediting providers, determining benefit packages and payment
mechanisms for providers, processing claims, and reimbursing
providers for their services. Additionally, it is also responsible for
overseeing and administering public-sector insurance plans.
Technical Education and Skills Development Authority (TESDA)
TESDA is highly-known in our country with its mission of being involved
into developing system for various institutions with a considerable
accreditation especially for those that are in middle-level manpower
development.
Fundamentally, TESDA establishes policy plans and programs; promulgates
applicable standards/guidelines and tests for skills, and executes programs
aimed at ensuring a high-quality technical education and skills
development, as well as certification for trainees.
PAG-IBIG Fund
The main function of PAG-IBIG Fund is to fulfill the needs for a
national savings program for Filipinos and also offer budget-friendly
financing for Filipino workers’ shelters/housing. It was founded to
provide a sound and viable cooperative provident savings system
tailored to the needs of employed people, as well as to encourage
them to plan and provide for their housing needs in a proper manner.
This is performed by means of provision of programs, benefits,
memberships, savings programs, housing loans, and many more.
Department of Labor and Employment (DOLE)
The Department of Labor and Employment (DOLE) is a federal
department
tasked
into
formulating
policies,
implementing
programs, and serving as the Executive Branch's policy-coordinating
arm in the field of labor and employment. Furthermore, it has
consistently updated its thrusts and strategies in order to adapt to
growing socio-political and economic issues while preserving the
safeguarding of the welfare of Filipino workers in the Philippines
and abroad as a top priority (OFWs).
Social Security System (SSS)
The Social Security System (SSS) is in charge of providing social security
benefits to private-sector employees. In the event of a worker’s retirement,
death, disability, sickness, maternity, or old-aged; SSS provides a
replacement income to beneficially help these aforementioned groups. SSS
members can also take out "salary" or "calamity" loans. Wage loans are
based on the employee's monthly income. Calamity loans are for situations
where the government has declared a calamity in the area where the SSS
member lives, such as floods, earthquakes, and natural calamities.
Department of Agriculture (DA)
The Department is the government body in charge of promoting
agricultural growth by establishing policy, making public investments, and
providing support services to domestic and export-oriented businesses. In
order to achieve this, it develops policy, assists in the allocation of public
funds, and, in collaboration with local government units (LGUs), provides
the support services required to make agricultural production and agribased enterprises commercially viable and to assist on spreading the
benefits of advancement to the poor, especially in rural areas.
Land Bank of the Philippines
The Land Bank of the Philippines is a government-owned financial
institution that manages to fulfill its social mission of encouraging
rural development while remaining financially sustainable. It is the
National Government's official depository bank. It functions as a
government financial institution with the persistent goal of
improving financial viability through delivering on its pledge of
excellence through its banking and public service services.
Commission on Higher Education (CHED)
The Commission on Higher Education is the Philippine government's
agency that is specifically in charge of the promotion of significant
high-quality higher education; ensuring access to a noteworthy
education, whilst providing guarantee in terms of protection for
academic
freedom
mainly
for
constant
intellectual
growth,
advancement of learning, research capabilities, development of
responsible and effective leadership, education of high-level
professionals, and preservation of historical and cultural heritages.
Kagawaran ng Edukasyon or Department of Education (DepEd)
In the fields of formal and non-formal basic education, the Department
of Education (DepEd) constructs, administers, and integrates policies,
plans, programs, and initiatives that are relevant to nurture and
further strengthen the quality system of education in the country.
Moreover, it also provides cost-effective, efficient, and effective people,
information, records, delivery and receiving of mail, buildings,
educational furniture, equipment, apparatus, collections, expenditures,
security, and custodial services to the Department.
PART II
Organizational Control - Gasoline Price Hike
IMPACT TO CONSUMERS
There is no questions to be interlinked if I say that low gas prices are what consumers sought to procure. Amidst, the price hike
of oils and gasoline, consumers are indeed the leading group to be enormously affected. With this, consumers tend to spend way
more different than before since the amount of money that they would have to spend for other things would just alternatively
go for fuel. Relatively, the behaviour of consumers will be re-establish upon its suitability of the current situation. As the price of
gas continuously increases, there are also an amountful aftermath to be seen, such as increase of prices for foods like
vegetables, grocery items, meat, and etc; more so, fair fees is also affected and many more. To emphasize, the demand for gas
would probably be lessen but not totally to the point that it is not being sold in the market, for it is a huge necessity in everyday
lives of people and you can’t run out of it. Thus, the demand and supply relationship between these two is not balanced.
However, the things is, as much as it is being demanded or needs then the price would be greater than before.
IMPACT TO SUPPLIERS AND INVESTORS
Despite the gas price hike, the demand for fuel is still at its peak as it play a pivotal role in each Nations’ processes and
procedures for growth and development. As per suppliers, the situation is depended in terms of the stocks that they have. If
prior the gasoline price hike and they have more than adequate resources to offer then it will be more profitable for them.
Meanwhile, as gas price hikes and some may presume that suppliers are getting their accounts fat in the bank, it is the contrary
as some stations are barely scraping by or even losing money. When the price in the wholesale market skyrockets, as they did
way back in 2008, 2011 and 2012, station owners can’t raise pump prices as quickly as their costs rise or else they will be at risk
on losing customers to competition or industry competitors. On the other hand, investor might see this point of time as a
skeptical opportunity as there is no guarantee that they can surpass the circumstance. Few investors may see this as a great
opportunity to start their field of business in the industry considering the demands whilst in contrast, other investors may not
see investing at this point as wise decision at all as it is like playing with fire due to the volatility of the market.
IMPACT TO GOVERNMENT
Economy of Nations are subsequently impacted in various ways as the gas price hikes such as time as this. In our
country, it is evident that as soon as the price of gas increases, the inflation rate also increases as its consequence.
Certainly, the government will be then alarmed and prepare plans on fulfilling the gap amidst shortage not just for
supply but also the general needs of its countrymen. As mentioned prior, when the price of gas increase, it has the
potential to drag down an economy as it impacts of every sector or walks of an individual’s life — from consuming
to spending. Substantially, government sectors respective to this is in an imperative state to develop systems that
will help on balancing the economy amidst this fluctuation of goods and services over time. During this time, the
economy of the Philippines is in a fragile state as an aftermath of COVID Surge, therefore, it is expected to be hard
towards recovering another surge.
IMPACT TO HOUSEHOLD
Household is one of the basic unit within society which is also majorly affected by this skyrocketing price of gas. Mainly
because, a lot of goods/products are directly affected by it. Specifically, groceries, LPG, fare rate and bills and payments. As per
every household, this news of continuous increase of gas price is wrenching as they don’t have any control of this regardless the
fact that these are basic necessities that they need to provide in daily basis. More so, an adjustments in terms of their budget on
foods, clothing, recreational activities, bills and payments must be re-assessed as soon as they can so they won’t get
overpowered by this circumstance. If possible, they can also build a convenient system for their household which will help them
to maintain balance of the way they spend and consume. Apparently, these are only applicable to household that is in or above
the average level of household income, when in the other flip of the coin, those that are really under the poverty line households
may find it extremely frustrating to go on through this situation. However, they can also depend on what actions would the
government the government initiate to assist them, if possible.
IMPACT TO LOCAL GOVERNMENT PROGRAM
Government is highly-responsible to prevent scarcity and assist those who are racked upon the wrath of this course
situation. Recently, the government announced that there are various programs that they are pouring their efforts on —
this is in reference to credible media sources. One among these are the P2.5 billion budget that they plan on giving as
subsidies for fuel vouchers specifically for public transport drivers. Furthermore, this budget will be used for the
Department of Transportation’s gasoline subsidy program which will befit at least 277,00 public transport drivers, as per
noted by the Development Budget Coordination Committee (DBCC) on February 24. Essentially, the Department of
Agriculture (DA) also ought to provide a P500M allocation for farmers and fishermen that are impacted by this crisis. With
that being said, it is fair enough to witness these assistance but these are just like band-aid solutions and the government
still needs to established a more powerful system to balance the economy to benefit the society for the long-run.
PART III
Enumeration
Five Advantages of International Trade to Business
A wider range of goods will be made available for consumption -- higher number of supply.
Allocation and utilization of resources will be done is a much efficient manner.
Increase of global market presence and product awareness to an international level.
It fills in the gap within shortage for the supply of insufficient goods.
It nurtures mutual understanding among nations and fosters peace and goodwill.
Five Positive Impacts of Business to Society
Businesses nurture innovation and promotes a diversify marketplace.
Taxes paid by business owners are undeniably significant for continuous improvement of the
society such as building infrastructures, increase budget for institutions and etc. that
are beneficial to the overall community as a whole.
Offers employment opportunities, thus, decrease unemployment rate.
It sufficiently provides for satisfaction of the needs and wants of the members of
the society.
It manifests a greater involvement of the business’ owners onto their communities.
Five Things to Consider Before Starting a Business
The industry of business you want to establish or pursue.
The estimate amount of capital that you would need to start it up.
The location where you would put of your business.
The needs and demands of potential market in the business area.
Consider preparing a business plan that will serve as your guideline throughout
the business journey.