RODY: TOUGH TIMES AHEAD
President Duterte yesterday warned of tough times ahead as the sharp surge in oil costs continues to affect local consumer prices.
President Duterte yesterday warned of tough times ahead as the sharp surge in oil costs continues to affect local consumer prices.
The President asked the public to brace for economic hardship during his term, saying the country was not a rich oil-producing nation and continues to rely on imported fuel.
"Sabihin nila, 'Ano 'to si Duterte? Bakit 'yung pandesal niya kasing laki na lang ng monggo?’ Ano bang magawa ko? Wala nga tayong oil eh," Duterte said after his arrival in Davao City from Indonesia.
"This is not the end of the story, guys. Sabihin ninyo panahon ko talagang maghirap. If things will move forward in accordance with the present calculations now, talagang sa panahon ko maghirap tayo. Kung mag-wala kayo, 'di lahat na tayo. Mag-wala na tayong lahat kasi ako apektado rin. Iyan ang problema ngayon," he said.
The President lamented that the Philippines was not one of the fortunate nations given with oil resources. He noted that the country largely depends on imported oil, whose rising prices have driven the soaring inflation.
"Ang problema ngayon, Indonesia, Malaysia, and Brunei, to their maybe good fortunes, meron silang oil. Tayo po wala," he said. "Marami silang oil. Hindi sila dependent. Tayo, sabi ng Pilipino, inflation. Correct. There is inflation," he said.
Duterte admitted that there would be inflation spike if oil prices continue to escalate.
"I must give you the warning now. 'Pag magtaas 'yang oil, you can be sure next week mag-announce na naman ng price increases. Because oil is everything. The world cannot move. There's not enough solar power to run this country," he said. "'Pag nag-increase pa 'yang mga y*** na…‘Pag nag-increase 'yan ng presyo, bukas, tatamaan tayo," Duterte added.
The President has raised the possibility of the government suspending the fuel excise taxes to tame the country's rising inflation. "Maybe," Duterte said.
He noted that Finance Secretary Carlos Dominguez III would look into the possible ₱2 reduction of the fuel excise taxes.
Under the Tax Reform for Acceleration and Inclusion law, the government could suspend the next increase in fuel excise taxes if Dubai crude hits $80 (about ₱4,000) per barrel for a period of three months.