Q1 2022 – Doors to recovery now fully open; rising inflation threatens growth
The region’s employment rate of 93.0 percent in January 2022 improved from the last survey period. More jobs mean more income and household spending.
Revenue collection was up by 13.1 percent, largely from higher income taxes and value-added tax.
Halfway through the quarter, the cities of Tacloban, Ormocand Baybay were classified under Alert Level 1. This resulted in thriving economic activities in these areas.
Meanwhile, headline inflation in Q1 2022 averaged 3.7 percent. The uptick was caused by cost-push inflation in agriculture inputs and pressures from world oil prices. African swine fever persists in the region, affecting meat prices.
The decline in agriculture production stemmed from smaller harvest areas and the damage of Typhoon Odette late last year.
The population is gradually being prepared for a shift from a pandemic to an endemic mindset.
Looser travel restrictions paved the way for higher people mobility as seen in the 83.9 percent surge in passenger traffic in Q1 2022.
Meanwhile, cargo movement is slightly hampered by the damage in some ports caused by Typhoon Odette in late December 2021. The typhoon also disrupted power but was immediately restored within Q1 2022.
On the environmental front, air and water qualities in two monitored water bodies are within parameters, except for the fecal coliform count which is still above the standard but on the downtrend.