Name:
Vergara, Ferdinand Jr. Galotos, Joanna Marie A.
Subject:
Managerial Economics
Professor:
Dr. Roland Simbre
Current Issues in Microeconomics
What is Microeconomics?
Microeconomics Microeconomics is the study of individuals, households and firms ' behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.
Microeconomic Microeconomic study deals with what choices people make, what factors influence their choices choices and how their their decisions affect the goods goods markets markets by affecting the
price,
the supply and demand.
The study of how individuals and businesses make choices on how to best use limited resources.
Current Issues in Microeconomics in the Philippines 1. WAR ON DRUGS As of March 2017, Since taking office on June 30, 2016, Philippine President Rodrigo Duterte has carried out a “war on drugs” that has led to the deaths of over over 7,000 Filipinos to date, mostly urban poor. At least 2,555 of the killings have been attributed to the Philippine National Police. Duterte and other senior officials have instigated and incited the killings in i n a campaign that could amount to crimes against humanity. 2. MARAWI City Economy Marawi evacuees boost economy of nearby town like Saguiaran, Lanao del Sur- this sleepy fourth class town of 24,619 people scattered in 30 barangays, suddenly came to life as hundred of people from Marawi City- some 10 km away – away – started started arriving on May 23 as they fled the fighting fi ghting between government troops and extremists. extremists. Example is: Kaina Malik Nasser, a resident of Barangay Mapantao here, said she was now selling smoked fish faster than before. “On Monday alone, I sold P5,000 worth of fish (bakas in the local dialect),” she said.
Her sales were brisk even if there were dozens of other smoked fish vendors lining the one kilometer stretch of road fronting the town hall – which serves as the town’s public market. Nasser said she could not have sold the same volume before the fighting in Marawi started. But she said vendors like her did not take advantage of the situation as far as pricing was concerned. “Our price really depends on the price we pay from our sources,” she said. “But so far, a bakas is still being sold at P380 a piece,” she said. “Bakas” is the local term for smoked juvenile tuna, which weighs around at least 2 kilograms each. “We’re happy to make double that what we did before. No need to raise the price,” she said.
3. REPRODUCTIVE HEALTH LAW Law which guarantees universal access to methods on contraception, fertility control, sexual education and maternal care. Duterte appealed to the Supreme Court to lift its two-year temporary restraining order on contraceptive implants 4. MINING Duterte said mining companies will face steep taxes if they do not spend enough on rehabilitating areas that host their operations 5. K TO 12 Also in 2016, the Philippines adapted the K to 12 program, covering 13 years of basic education in the Philippines from Kindergarten to Grade 3, Grades 4 to 6, Junior High School and Senior High School. In addition to that, Duterte mentioned in his speech the widened reach of skills training and increased number of out-of-school children and youth who have availed of the Alternative Learning System. 6. TAX REFORM As one of Duterte’s priority reforms, the Tax Reform for Acceleration and Inclusion (TRAIN) was implemented, that address the problems of the previ ous tax system by “reducing personal income tax, simplifying estate and donor’s taxes, expanding the Value Added Tax, and increasing oil and automobile excise taxes.” 7. THE BIG ONE The series of damaging earthquakes in Leyte, Surigao and nearby provinces and islands attest to this. We were told that it is no longer a question of “if” but a matter of “when” 8. DEATH PENALTY Duterte pushed for the death penalty again, saying that "in the Philippines, it's really an eye for an eye, a tooth for a tooth”
9. SMOKING BAN
One of the most recent orders signed by Duterte is the smoking ban, which prohibits smokers to smoke in certain public spaces. “We want to minimize access to tobacco products, and provide a more supportive environment for those who are attempting to quit tobacco use,” he said. 10. NATIONAL BROADBAND PLAN For the improved internet connectivity in the Philippines, Duterte’s cabinet approved the National Broadband Plan of 2017 which works to bring affordable internet access to every community and improve broadband connectivity in the Philippines. Also recently, the Department of Information and Communications Technology (DICT) launched a Free Wi-Fi along EDSA for public use. 11. “NO BALANCE BILLING” POLICY When it comes to the health sector, Duterte ensured that Filipinos are given equitable access to quality and affordable health services. In this policy, “no other fees shall be charged or be paid for by the indigent patients above and beyond the packaged rates during their confinement period.” Duterte also mentioned the expanded health insurance coverage and benefits done by his administration. 12. IMPROVEMENT OF SEA CONNECTIVITY AND LAND TRANSPORTATION With regard to sea connectivity, 15 brand new Ro-Ro vessels were l aunched to traverse major routes in the country. The ASEAN Ro-Ro Shipping Route was also opened, connecting the ports of Davao and General Santos, and Philippines to Indonesia. Duterte also mentioned the modernized ports of General Santos, Cagayan de Oro, and Zamboanga. Duterte also directed the Metro Manila Development Authority and local government units in Metro Manila and Metro Cebu to ensure the free flow of traffic, and clear the roads of unnecessary obstructions, such as parked vehicles on streets. “Violators shall be penalized regardless of stature,” said Duterte.
