One of the biggest problems facing the Filipino people is their financial situation.

Not
being able to pay their bills right on time, eating less than three times a day or cannot
even buy their needs such as school shoes, phone for convenience and other things.
Financial problems affects someone’s health, studies, and daily living.

This section will discuss about the factors that causes financial problems in the
Filipino society.

1. Inflation

The term "inflation" refers to a rise in prices, which over time results in a loss of
purchasing power. The average price increase of a basket of chosen goods and
services over time can be used to determine the rate at which buying power is
decreasing. As prices grow, fewer goods and services may be purchased with a given
amount of money. The general public's cost of living is affected by this loss of
purchasing power, which ultimately slows economic growth. According to
economists' general understanding, prolonged inflation happens when a country's
money supply expands faster than its economy.

2. Low pay

Low pay earnings or salaries are those that are thought to be low in comparison to the
standard of living or to needs. In general, official definitions take the latter approach.
Low pay is seen as income that is insufficient to cover legally recognized needs, thus
various state subsidies can be used to supplement it (for example social security).

3. Lack of work

Unemployment affects the society. This can be caused by lack of experience, job
performance issues, poor attitude etc. In the Philippines, most of the people doesn’t
have jobs because of high standards of requirements that sometimes doesn’t need for
that specific job and still pay low salaries.

4. Inadequate social security benefit

Many people doesn’t receive their benefits right on time or others are never-
beneficiaries due to particular reasons. That’s why they also struggle financially.
 Factors of Financial Problems in the Philippines for
2022

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

(Pakiedit nalang kani vebz)

POVERTY

Extreme financial struggle results to poverty. According to the PSA, 19.99 million people in the
nation are considered to be poor. This corresponds to 18.1% of the total population in the present
time. (pakidagdagan nalang ni vebz)