Financial hardship
In a bleak future plagued by financial hardship, Filipinos find themselves at the mercy of indifferent corporations and institutions.
As the economy teeters on instability, earning power diminishes under the shadow of AI-driven devaluation of human labor. Downsizing and pay cuts sweep through multinational corporations, trapping Filipinos in a paycheck-to-paycheck existence. Even worse, digital currency replaces traditional money, eroding economic autonomy and leaving many struggling to make ends meet.
Living hand-to-mouth becomes the norm, with savings rates plummeting amidst paltry interest rates offered by traditional banks. Fintech startups promising higher returns falter under the dominance of established banking giants, leaving Filipinos with few options for financial growth.
The declining value of the Philippine peso exacerbates the cost of living crisis, rendering basic goods and essential services out of reach for the average Filipino. Healthcare, education, and transportation become luxuries, perpetuating a cycle of poverty and inequality. Innovations remain distant dreams, as outdated modes of transportation persist due to affordability constraints.
In this desperate landscape, crime rates soar as unemployment and financial desperation drive many to illicit means of survival. Birth rates decline as families weigh the exorbitant costs of raising children against their economic reality.
Caught in a downward spiral of economic despair, Filipinos struggle to envision better lives for themselves.
Every day, Juan navigates the chaotic streets of Metro Manila, ferrying passengers from one destination to another. Yet, despite the countless rides completed, his earnings remain elusive, replaced instead by mere points accumulated on a digital platform. With each trip, the promise of monetary compensation fades further into the distance, leaving behind a sense of disillusionment and economic uncertainty. As he continues to traverse the city streets, the rider grapples with the stark reality of being trapped in a system where his labor is undervalued and his livelihood hangs in the balance.
Inside a train, a commuter's desperation reaches a breaking point as he struggles to pay for his daily commute. With empty pockets and mounting debts, he succumbs to the temptation of theft, snatching a Beep card from an unsuspecting passenger nearby. Guilt and shame weigh heavily on his conscience as he swipes the stolen card, evading the scrutinizing gaze of transit authorities. In a city plagued by economic disparity and social decay, survival often hinges on desperate acts born of necessity, leaving behind a trail of moral compromise in its wake.
Selected Quotes
[The only thing that may change in the Philippines by 2040 is that] everything becomes much more expensive to buy.
...So you know, the thing that they're trying to do where even companies outside the US have to start paying tax to US, right? So what does that mean? Why do companies leave the US and put up [headquarters] in other countries? One is, well, it makes it easier to reach the regions of that country, yes. Two is because the taxes are cheaper. Why do they put a big HQ in Singapore? Why is Dyson moving to Singapore? The tax is cheaper. Why are they putting HQs in Ireland? The tax is cheap. So what does that mean for them, if one of the reasons they move there is for cheaper tax, and by moving there, they have to pay tax twice? Suddenly, the reason for them to have an HQ there disappears, or at least one of the main reasons. So that incentivizes companies to just stop having their HQ there. Now, if they stop having their HQ there, what does that mean for [overseas Filipino workers (OFWs)] who are everywhere [around] the world? Or even if they don't stop having their HQs there...it will...at the very least incentivize downsizing because it's much more costly for them to pay tax. So, yeah, whether or not they keep their HQs there, what does that mean for OFWs lose jobs? So they lose jobs, and all of these companies, [multinational corporations] worldwide, will be downsizing. It's not just one country, because there's global tax in the US. So not only are they losing their jobs...it's gonna be harder for anyone to find their jobs, because a lot of people are being laid off. Companies aren't hiring new people. More people will be trying to apply for jobs, because so many people are being laid off. But it's a recipe for disaster, basically. And not just for OFWs, but also for...everybody else in those countries.
...Well, I guess...banks have control over everything. So I guess what I want SMEs to have, they can't have. So because banks have control over everything...fintech [companies] simply can't survive, like [this startup I used to work for]...They died...[because of] very bad business decisions.
...I mean, AI in general, the potential of people to be like skilled out of jobs is really terrifying. Like labor in the Philippines is a huge issue...like people [are] already overworked [and] undercompensated, like working...[in] jobs where they're just treated very poorly. And like it's kind of a similar moment we're in right now in terms of like the Industrial Revolution. Like..there are all these technologies that can perform such high level efficient work. And that is quite scary...just thinking about...who could be replaced by...ChatGPT, who could be replaced by...real understandable synthetic voices? I know I think of call centers. Like call centers are huge in the Philippines...what's gonna happen if they can be replaced by synthetic voices and people who can respond like more efficiently and less emotionally like that? That is so scary because there's a lot of jobs where like a lot of people depend on them. Like a lot of my cousins work in call centers, like these jobs that are dependable sources of income...call centers in the Philippines are specifically like outsourced from other countries, and like just thinking about the economic implications of worldwide corporations having access to like trainable efficient labor...that are not humans is quite scary.
...I think...people will always want find ways to live and get as many resources as we can. So what this means is also what...the law would call criminal is something that would happen more and more as we [become] more repressed and restricted, but also still needing to have these resources to survive. I mean, it's very natural, right, to only experience inflation, but also to see a higher crime rate. It's because the government isn't giving us a lot of support in meeting our daily needs.
There's also the possibility that money gets becomes changed completely. There's no longer such a thing as physical money, there's only digital money that could be converted to [something "equivalent" in value]...you know, it's happening [right] now with Amazon, its workers [are being paid] with points rather than actual money. We see it happening in [other applications too]...for example, if you could rent a bike with an app -- this is something that's happening in Europe -- like you put in...five Euros, then you only use it for like 30 minutes, which costs, let's say, one Euro, your remaining four Euros will never be returned to your account. So these kinds of digital entrapments of finance is also something that's...happening and possible in the future of the Philippines, where...there is little autonomy for citizens to actually control their money, economic freedom, and also...how they express themselves.
...But [automation with AI] will definitely intensify already intense inequalities in economics: people who already have low wages, [and] things [would be] getting more expensive...In general, we would definitely be seeing an increase in that gap, at least in the wealth gap. But AI will only accelerate that. As you know, companies in the Philippines and abroad kind of use AI to their advantage to clean stuff up.
[K]aramihan sa atin would be stuck in a paycheck to paycheck lifestyle lalo na kapag onsite, yung mga resulting kids not only na yung kokonti yung mga may hybrid style na education, also kokonti din yung mga bata. Kokonti din yung mga nag-aaral na bata.
Tapos kapag nasetback tayo ng surgery o ng any ER visit, maghihirap tayo unless meron silang financial na nest egg which is mas konti pa lalo yung magproprovide.
Kasi I would see that yung economics, economics-wise yung sa finance-wise, yung mga taong malalaking sahod, mga dev...mga piloto, mga seaman...mga graphic artists...yung sahod nila, I think bababa lang ng konti. Bababa ng konti kasi both because of cost of living at tsaka yung corporate elites would genuinely be able to press na yung value ng work nila is less than what we actually assert it to be.
...For example, sa mga ibang bansa sa Europe, namromroblema na sila sa population decline o ngayon papahirapan pa...ng mga company yung cost of living ng tao. Ineexpect mo ba yung mga babae magbubuntis yan? Hindi, magbibirth control tayong lahat...Magaalaga na lang tayo ng pets. Bakit ako magdadala ng baby sa mundong ito kung papahirapan lang, yung wala akong maipakain walang pandede? Very simple...Yun yung mid na scenario, kokonti yung mga bata. O konti yung mapapanganak.
Pero worst case scenario, baka dalawa lang [yung mga anak ko].
For education...just thinking about the current situation of underpaid teachers and then students who struggle to get to school. Even new schools, panget yung equipment, super outdated stuff.
In the future, we would continue to deal with economic instability.
