Press Release
July 13, 2018

HONTIVEROS: PHILIPPINE ECONOMY NOT A "DARLING" TO POOR FILIPINOS

"The Philippine economy is anything but darling to poor Filipinos."

This is the statement issued today by Akbayan Senator Risa Hontiveros as she rebuked Malacañang's claim that the Philippines is a "darling economy" despite high inflation rates and a weak peso.

"Malacañang people are living inside a bubble. How can they say that we have a darling economy when the inflation rate is at a 5-year high made worse by the TRAIN law, economic growth is below government's own target and expectations, the Philippine currency is weakening, the government's ambitious infrastructure program remains an ambition, failing to leave the starting line; and the stock market is in the bear category?" Hontiveros asked.

"Paano tayo naging 'darling economy' kung hindi naman ito 'darling' sa ordinaryong mamamayan na pumapasan ng bagong pagbubuwis, matataas na presyo ng bilihin, gasolina at pamasahe, at nagtitiis sa maliit na sahod?" Hontiveros added.

"Contradicting economic statements"

Hontiveros also pointed out the glaring contradictions in Malacañang's economic statements. "Last June 23, President Rodrigo Duterte said that the economy is in the doldrums. This was reaffirmed by no less than Presidential Spokesperson Harry Roque. Now, Roque is saying that there is nothing wrong with the economy. Maybe the Palace can explain to us the 'economic miracle' that transpired in the span of 20 days that transformed an 'economy in the doldrums' to a 'darling economy.' We are all ears," she said.

The opposition Senator urged the government to face the issues squarely and stop denying that the country's economy is facing serious challenges.

"It's time to move on from the denial stage and accept that there is a problem. No PR job and issuing of rosy economic statements can hide the fact that the economy is not working for many Filipinos. In the immediate, the President should assemble his economic managers together with the Legislature to come up with tactical and strategic policy responses to the country's pressing economic problems," Hontiveros said.

Hontiveros is pushing for a list of policy recommendations to protect the people's economic rights and welfare. They are:

1. Suspension and review of the TRAIN law. 2. Passage of Senate Bill No. 1671, otherwise known as the "Bawas VAT" bill, lowering the existing VAT rate to 10% from the current 12%. 3. Passage of the Security of Tenure bill. 4. Additional tax exemption of (P25,000) for senior citizens residing in poor households to protect poor families with more members vulnerable to higher taxes.

News Latest News Feed