Economic Condition

Known nationwide for its bamboo organ, salt beds, and jeepney factories, Las Piñas is
distinguished as one of Metro Manila’s fastest-growing communities. Continued economic
growth, coupled with effective local governance, have earned Las Piñas the distinction of being
Metro Manila’s cleanest and most peaceful city for three years straight. (“The City of Las Piñas |
Home,” 2022)
Macro environmental factors such as inflation, savings rate, interest rate, foreign exchange
rate, and economic cycle influence economic growth and aggregate investment. While
microenvironmental factors such as competition norms influence a firm's competitive
advantage.
The inflation rate is one of many factors that can influence economic growth. "Inflation is
dead," according to the Philippine Institute for Development Studies, has been a popular adage
for the past five years, but it appears that deep-seated problems have a way of resurrecting
themselves. And, as a result of the inflation rate, some of the materials or ingredients needed in
business will increase in price, resulting in a high market price. Profits will rise as a result.
Inflation expectations can raise business prices for labor, materials, and energy. Businesses'
profits will rise if they can pass on these increased costs to customers in the form of higher
prices for goods and services.
And based on the new implemented law for the minimum wage earners it stated that the
earliest wage hike of PHP33 took effect in the National Capital Region on Saturday, June 4, bringing
the minimum wage rate to PHP570 for workers in the non-agriculture sector and PHP533 for those
in the agriculture sector. I can see that these new implemented minimum wages will affect the small
business owners. Because we all know and we experience that even though they increase the wages
but the price of the good still increase at the same time

And according to Mr. Ronald Mendoza (2021). That the Philippines was one of the fastest
growing economies in the world. It finally shed its “sick man of Asia” reputation obtained during
the economic collapse towards the end of the Ferdinand Marcos regime in the mid-1980s. After
decades of painstaking reform — not to mention paying back debts incurred under the
dictatorship — the country’s economic renaissance took root in the decade prior to the
pandemic. Posting over 6 percent average annual growth between 2010 and 2019 (computed
from the Philippine Statistics Authority data on GDP growth rates at constant 2018 prices), the
Philippines was touted as the next Asian tiger economy. And as the result of the pandemic the
global economy has entered a slump, which has increased unemployment and lowered
people's purchasing power. As a result, people's spending habits have become extremely frugal.
They now avoid spending more money on luxury food and beverages due to their limited
income. As a result, the sale of food and beverage companies has decreased. And, as a result of
the Pandemic, we all know that our economic situation has deteriorated. Since the pandemic has hit
the country, many small business owners have been seriously affected. But we can't do anything
about it and should blindly accept it. And as go by. I can say that many of the affected businesses
gradually began to restart and grow again. Many new businesses are being established at the same
time. And finally, many people have different food preferences.

The City of Las Piñas | Home. (2022). Retrieved September 10, 2022, from Laspinascity.gov.ph

website: https://www.laspinascity.gov.ph/about-us/6/about-las-pinas

‌Philippine Institute for Development Studies. (n.d.). Retrieved from

https://pidswebs.pids.gov.ph/CDN/PUBLICATIONS/pidsdps9611.pdf

Wage hikes in 14 regions take effect in June. (2022, June 6). Retrieved September 10, 2022,

from @pnagovph website: https://www.pna.gov.ph/articles/1175928#:~:text=The

%20minimum%20wage%20in%20the,PHP4%2C500%20across%20the%20region.

‌Mendoza, R. U. (2021, August 2). The Philippine economy under the pandemic: From Asian

tiger to sick man again? Retrieved September 10, 2022, from Brookings website:

https://www.brookings.edu/blog/order-from-chaos/2021/08/02/the-philippine-economy-

under-the-pandemic-from-asian-tiger-to-sick-man-again/

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