Philippine economy 2008

Philippines is experiencing its lowest economy rate today. Prices of all commodities went up due to an increase of oil products. Its like a domino effect for all the commodities since most of the commodities includes gasoline in their production cost. Two days ago, LTFRB is distributing fare matrix at the price of 50 pesos each, so that public utility drivers can now ask for the correct fare to the riding public. But after a day, all the big oil companies are increasing all their products that reached to 60 per liter, that is why drivers still got no advantage of the fare increase that was implemented a day before the oil price hike is also implemented. Yesterday, there is another three pesos increase in the price of diesel. so what will happened with the public utility drivers? There were interviews conducted by some of the media personnel's regarding the drivers take home profit. It was said that, drivers were able to make from 100 to 150 pesos a day but some are receiving below 100 a day. They told us that all of their money will just go directly to the gasoline stations. They don't get enough profit on their daily work. Some of them stopped to drive already and some were looking for a job that could give enough compensation that they too can feed their family properly and support their daily cost of living. You can see how Philippine economy is really down now a days because you can just imagine people are falling in line in the NFA market outlet just to buy a 2 kilos of rice at a lower price compared to commercial rice. Some people are also falling in line in the NSO (national Statistics Office) to get an authentication of their birth certificates that is going to be used on their application for passport in the DFA (Department of Foreign Affairs). They are filing applications for abroad so that they can get a good job outside the country because they say, if they just rely in the situation of the Philippine economy right now, they will be dead before the year ends.