BEJINO, Willson G.

Individual Essay
FDNECON C81

How do you apply key economic concepts in your daily life/routine?

Being part of society means participating in a neverending economic cycle where our
every move is affected by economic changes. The day-to-day realities of these circumstances
and changes have controlled my way of living. I became more socially aware and financially
critical in managing my daily expenses. Especially as a middle-class college student in my first
year, there are vicarious things that I grapple with to survive the burdens of these economic
struggles. Although conflicts are inevitable, these activities and changes have taught me
essential lessons in navigating my daily life.

Basic necessities are essential to us humans, these needs are considered physiological
since without them, we won’t be able to survive. However, everything does not flow constantly
and there might be unanticipated changes that may occur. This can affect not just our needs,
but also our wants and demands. One of the major economic concepts that has affected my life
continuously is inflation. Inflation is defined as a decline in the purchasing power of the masses,
and I am greatly affected by it. Specifically, I wanna talk about the occurring transport crisis
which has indelibly affected my commuting experience that can be tracked years ago. Since
junior high school, I have commuted from Parañaque to my alma mater, Pasay City National
Science High School. During that time, I recall the transportation fee for tricycles was 10 pesos,
whereas for jeepneys, it was 15 to 20 pesos. But now, the inflation of transport costs has fueled
a daily nightmare for urban workers and me. The changes in transportation fees have
increased, and it has inadequately affected my college allowances, wherein sometimes I choose
not to eat to save some money for my transportation. It cost me 70-100 just for my daily ride. I
learned that the increase in the price of diesel, gasoline, and kerosine are the significant
contributors to this change, as well as the neglect of our government in planning and fabricating
an efficient and effective mass transport system that is fair and just among every person that
composed the jeepney, bus, and tricycle system.

Along with the transportation crisis, economic externalities also significantly affect my
everyday routine. Externalities are either positive or negative accidental consequences caused
by various economic activities. Negative externalities like traffic congestion are common among
commuters like me. I frequently encounter this problem on my way to university or whenever I
go to any place. This traffic congestion arises from various factors, which include a strenuous
population, ongoing urban development, increased economic activity, and the proliferation of
motorized vehicles. In my case, it negatively affects my productivity, mental health, and time as
it often consumes the moments that I should spend doing my school work or rest. The air
pollution caused by these vehicles could also worsen every human's respiratory system, which
further appends the negative externality that I'm experiencing.

Furthermore, I am also affected by the scarce resources here in the Philippines, especially
water. I recently saw in the news that 11 million Filipino families lack clean and accessible water.
The Water Philippines Conference and Exposition proved that our filtration systems need better
management to give everyone access to potable water. This is evident in my case as we often
experience water interruptions from morning up until afternoon, which led us to save our water
using plastic drums in the evening or at midnight so we can have some water to use during the
next day; then, it would repeat the next day. This may have taught me that conserving water is
vital, but it also made me realize how hard and unfair it would be for other rural areas and
low-income urban cities to navigate this type of water crisis. This is why proper water
conservation must be practiced, and a collective call for the government to intervene and take
concrete action in this type of climate crisis.

Remember the 2022 onion catastrophe in the Philippines? That point in time also adversely
affected our family's livelihood. My mother, who cooks and sells various breakfasts like lugaw
and sopas, struggled during this shortage as it heavily relied on onions. Unfortunately, The price
of onion increased tenfold, shocking every Filipino and appallingly causing horror in Filipino
cuisine. Pest infestations, clashing with imports, and climate change were the major factors that
contributed to this depressive shortage. Consequently, my mother could only cook a few
breakfasts, hence, a low profit for our small business. This affected my daily life as my mother
cut my money allowance due to low business income. Faced with this reality, I immediately
understood the gravity of the situation and started adapting to the financial constraints by being
clever and resilient.

On the other hand, as conflicts may always arise, I've still experienced advantageous
situations like responding to incentives, which made my savings more efficient. For instance,
discounted iced coffees influenced me to purchase the product immediately, with two benefits
that it could offer: increased productivity due to caffeine and saved allowances. Another
example would be the vouchers I receive when buying things online. It greatly helps me save
money whenever I don't have to pay for freight. Through this, I have also learned the role of
online shopping and marketing platforms in driving the growth of the Philippine economy amidst
the COVID-19 pandemic. Moreover, the increase in advanced technology and developed
financial technology platforms could help businesses perform efficiently; therefore, these firms
could use this to produce more goods and services to generate higher profits. I've observed this
kind of change through one of my relatives' small businesses, wherein cashless payments and a
smoother digital system made my purchase effortless when I first tried to buy at their shop. With
proper knowledge and economic awareness, this innovation could prosper and change the
economic game in the future.

Sharing my personal situations that deal with economic changes has led me to an
eye-opening conclusion and other meaningful important matters. As a part of a nation that is
elaborately fabricated into this medium of a dynamical economic cycle, The need to be critical
and the practice of intelligent decision-making are becoming requisite in today's economy. As
every step outside and within our homes possesses a financial responsibility, it is just as
important to be responsible in assessing and taking actions. Simple practices like proper
budgeting can make a difference in making your lives easy. Most importantly, we shall never
forget to be socially aware and be mindful of the current economic situation of our country,
especially since these crises are not only for our personal effects but also the fact that these
have been targeting the marginalized, and we, as zealous Lasallians, need not just clever minds
but also compassion, and strength to amplify the voice of veracity. Overall, it guided me to a
final realization that these complex economic concepts vitally need informed and economically
sound intellectual capabilities that are essential for a thriving community, adapting to every
inevitable change in the present and future.