Prices of goods to stabilize soon, economic team says
Senator Loren Legarda was told last Friday, September 14, by the administration’s economic team that prices of goods and services will soon stabilize following measures being undertaken by the government.
Legarda, Chair of the Senate Committee on Finance, met with Budget and Management Secretary Benjamin Diokno, Finance Secretary Carlos Dominguez III, National Economic and Development Authority Secretary Ernesto Pernia, and Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila, Jr. on the causes of the spike in inflation rate and the measures the government is taking to stabilize inflation expectations.
Figures from the Philippine Statistics Authority showed that inflation rate in June 2018 was 5.2%. It jumped to 5.7% in July, and further increased to 6.4% in August.
“We tried to analyze the causes of food and transport inflation and even the depreciation of peso. We also factored in the effects of monsoon rains and drought, as well as issues in the world market and prices of oil. There are interventions being made in terms of policy and executive action,” said Legarda.
Among the interventions cited by the economic team include the immediate release of 4.6 million sacks of rice available in National Food Authority (NFA) warehouses to the market across the country. The economic managers also urged the Senate to immediately pass the Rice Tariffication Bill within the month. /