NextGen Day

MANILA, Philippines – While proposals for wage and fare increases in response to rising fuel prices have been made, a senior Bangko Sentral ng Pilipinas (BSP) executive said Thursday that the government is not oblivious to the public welfare.

“What is critical, we believe, is that the government is taking firm measures to mitigate the impact, the negative impact, of the increase in oil prices,” Zeno Ronald Abenoja, managing director of the BSP Department of Economic Research, said during a virtual briefing aired on the central bank’s Facebook page.

Numerous transportation groups have filed petitions for fare increases, while the Trade Union Congress of the Philippines (TUCP) has requested a PHP470 increase in the minimum wage rate in the National Capital Region (NCR), citing international oil price increases that have impacted domestic fuel prices.

However, officials from various departments have questioned the need for these increases and instead advocated for a four-day workweek, among other things.

Abenoja stated that the proposed wage and minimum fare increases are expected in light of rising fuel prices and their effect on commodity prices, among other factors.

“However, no fare increase has been granted, and there is a discussion about whether there is room for wage adjustment at the moment,” he said.

Abenoja stated that the government is considering further liberalizing the economy to allow for more economic activity, which will provide more opportunities for people and help mitigate the impact of price fluctuations in oil and commodities.

He added that the targeted subsidy program for public utility vehicle drivers and operators, as well as farmers and fisherfolk, also serves to “alleviate pressures on petitions for fare hike adjustments.”

Abenoja added that there are additional measures in place to help mitigate any increases in food prices, such as agricultural products.

“Thus, we believe that all of these measures are critical in attempting to address potential second-round effects,” he said, adding that “at the end of the day, we’ll continue to monitor inflation expectations and the debate over possible second-round effects.”

Abenoja stated that assessments of these factors will be discussed by monetary authorities at the policy-setting Monetary Board’s next rate-setting meeting on March 24.

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