Press Release
September 6, 2018

Before it turns into a 'running inflation'
Malacanang must start controlling inflation and the rising cost of goods -- Nancy

Senator Nancy Binay urged Malacanang to implement measures to counter the increasing prices of basic commodities as inflation climbed to a nine-year high of 6.4% in August.

"Pag ganito ang magiging trend hanggang next year, kailangan na ng gobyerno mag-refocus sa ekonomiya. We need to identify the key drivers and the range of internal and external factors that continue to have a material impact on the increase in prices, and how to arrest the nearly galloping speed," Binay pointed out.

The Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP) had earlier pegged the inflation rate at 5.9%, while economists' median estimate was at 6%.

"Ramdam na ng taumbayan ang pagsipa ng inflation. Unahin na muna nating resolbahin ang pagpigil sa pagtaas ng presyo ng mga pangunahin bilihin. Unahin muna natin ang sikmura bago politika," she added.

Binay also said that the high inflation rate will have a profound impact on the long-term anti-poverty programs of the government if there will be no intervention from the government.

"Nangangamba tayo dahil napakabilis in a matter of 8 months, and the highest in 9 years. When the walking inflation is not addressed now, inaasahan na tataas pa ang mga presyo ng bilihin pagpasok ng ber-months. Ito ang brisk walking na hindi healthy," Binay said.

With the current pace, the government is likely to miss the target of keeping 2018's average inflation within 2% to 4%.

"We have to strengthen our initiatives to help ease the burden of inflation including the provision of financial assistance to poor families and discounts to the transport sector. Sa ngayon, pwede natin i-maximize ang government-to-government arrangements para mag-source out ng murang petroleum products particularly diesel, para ma-mitigate ang impact ng nagtataasang presyo ng mga bilihin," Binay said.

"Sana yung effort ng administrasyon sa war on drugs at kay Senator Trillanes, ay ganoon din ang effort para maibaba ang ating inflation rate," she said.

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