How does economic policy affect the daily lives of ordinary Filipinos?
Answer (1)
Economic policy refers to the decisions a government makes about money; like how it collects taxes, spends public funds, sets interest rates, and manages debt. These policies are not just numbers in government offices. They affect real people every day, especially the poor and working class.For example, if the government decides to increase the price of fuel through higher taxes or due to weak currency, transportation fares will go up. This affects students going to school and workers commuting to their jobs. Similarly, when the government gives more funding to public hospitals, ordinary families benefit from cheaper or free healthcare.Policies on wages, jobs, and business taxes also impact the livelihood of many people. If minimum wage laws are fair and enforced, workers can better support their families. If public spending supports agriculture or local manufacturing, small businesses and farmers have more income opportunities.Economic policy shapes the price of goods, the availability of jobs, and the quality of basic services. It’s important for students to understand that every budget law, tax, or loan affects their family and community.
