Climate Change Affects Economy

Last Updated: 12 Mar 2023
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Weather is one of the important elements in a certain county. Philippines is a tropical country and had two seasons: dry season and wet season. Being a tropical country, Philippines experience a hot weather which stated that tropical climate has an average temperature above 18?C. Climate change is one of the disasters that can barely affect the economy of a certain country. Baguio City, having a cold weather, is known as the “Summer Capital of the Philippines”.

Tourists visit this country for relaxation and also for adventure and sight-seeing of some famous spots in this city. It makes a good contribution to the increasing number of tourists. Experiencing a cold temperature, there are some fruits and vegetables that only located and grow in this city because some grows only in a cold place like strawberries. According to “Temperature dropped to its lowest this year in Baguio City.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) on Sunday said this morning’s 10. 3° Celsius temperature in the city is the lowest since September of 2013. Meantime, farmers in Mt. Cabuyao in Baguio City are bracing for some losses due to frost injuries on vegetables, which could worsen if cold weather conditions persist. ” Due to low temperature that Baguio is facing, it widely affects the economy of the said city. Supply of vegetables decreases because of the said frost injuries.

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Lower supply of vegetables results to higher price in the market. This is a great example of Law of Supply. Economy of the Baguio is in great danger because of this kind of temperature. I can say that climate change really affects the economy of our country. A tragic disaster occurs in the Philippines particularly in the Visayas area. Typhoon Yolanda, having an international name “Haiyan”, landfalls at Tacloban that happens on the said date which leaves more than 6,000 people dead and almost 900,000 homeless. The government is confident it can achieve its economic growth target for 2014 due in part to ongoing reconstruction efforts in areas devastated by Typhoon Yolanda (Haiyan) as said by the rappler. “National Economic and Development Authority (NEDA) Assistant Director-General Rosemarie Edillon told reporters a robust construction sector will help the government reach its 6. 5% to 7. 5% gross domestic product (GDP) growth target this year.

The government earmarked P360. 9 billion ($8. 17 billion) for the rehabilitation of the affected areas over a 4-year period. Of the total amount, 50. 79% or P183. 3 billion will be used to build shelter and resettlement. ” Edillon stated that the construction of some one million homes for Yolanda victims will propel demand for housing-related goods and services. Gross domestic product (GDP) will increase due to more demand of housing goods and also because of higher demand, higher tax will go to the hands of the government.

And with this taxes the government will sign again more projects and they will buy again many materials needed and the materials will got high demand and cycle goes on and on. This is like what Sir Cruz said to us, that if spent our money more, there is more jobs employment that will happen and more Filipinos will be employed. This is an important cycle that is going on in every country. Oil is very important to every country in the world.

This is one of the reasons why countries had to declare war. Gasoline is made from oil, particularly crude oil. Oil is primarily used for vehicles; cars, jeeps, buses and other private and vehicles. Last January 13, 2014, according to The Philippine Star, oil companies announced another round of oil price adjustment, marking the second consecutive week of price cuts. Effective today the price per liter of gasoline is cheaper by 85 centavos, kerosene by P1. 10 and diesel by 90 centavos.

“The following rollbacks will be implemented effective 12:01 a. m. of Jan. 13: Gasoline by P0. 85 per liter, kerosene by P1. 10 per liter and diesel by P0. 90 per liter. This reflects movements in the international oil market,” Petron and Seaoil Philippines said in separate statements. The energy department said oil production in Libya has plunged to about 250,000 barrels a day from nearly 1. 5 million, amid demand from armed protesters for a more regional autonomy and greater

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Climate Change Affects Economy. (2016, Aug 15). Retrieved from

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