Prices of goods to sta­bi­lize soon, eco­nomic team says

Sun.Star Davao - - BUSINESS -

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. /

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