NextGen Day

MANILA, Philippines — On Wednesday, the chairperson of the House Ways and Means Committee encouraged the government to speed up the promised relief, which includes targeted cash subsidies of PHP500 for low-income families to help them cope with rising food and fuel prices.

Even though “the rate turned out to be within the intended range,” Albay Representative Joey Salceda said the March inflation rate of 4% is still justification for government action to provide relief to the poorest people.

“Because it’s on the verge of breaking the target range,” Salceda said, “it should clearly be treated as a trigger for greater government intervention to provide relief.”

The House of Representatives, he continued, is prepared to give the necessary appropriations cover or policy support.

“I also expect second-round effects in other commodities,” Salceda added, “but, as oil prices have begun to stabilize, I am cautiously optimistic that inflation will not worsen much in the coming months.” “While I predict a slowing or even month-on-month disinflation in oil prices in April, prices will remain high.”

Because wheat shortages are likely in May as a result of the Russia-Ukraine conflict, Salceda warned the government that the next commodity rises could come from baked goods.

“We should still make sure we have appropriate wheat buffers,” he said, “since wheat will be the next crop to face big price hikes as a result of this global crisis.”

He stated that he is discussing the issue with relevant government institutions, noting that the Department of Science and Technology is supporting wheat replacements.

He also advocated for strengthening bread with additional vitamins and minerals, so that even if a consumer purchases more expensive bread, they are getting more nutrition.

“I have no doubt that the next administration will inherit this problem. As a result, food prices should be a constant topic of discussion in this election season,” he said.

Despite the Russia-Ukraine conflict, Finance Secretary Carlos Dominguez III stated that there is no shortage of commodities such as petrol, corn, or wheat.

“It’s the fear of shortages that’s driving up costs,” says one analyst. It’s having a negative impact on us, but we’re optimistic because our agriculture production in the Philippines, particularly for our staple foods, such as rice, remains consistent,” Dominguez added.

According to the Philippine Statistics Authority, headline inflation jumped to 4% in March 2022, up from 3% the previous month.

The stated inflation rate is in line with the consensus analyst projection of 4% and is within the expected range of 3.3 to 4.1 percent set by the Bangko Sentral ng Pilipinas.

The year-to-date inflation rate of 3.4 percent is likewise within the target range of 2 percent to 4 percent.

To help mitigate the effects of rising costs, Socioeconomic Planning Secretary Karl Kendrick Chua said that the government will provide unconditional cash transfers worth PHP500 per month to the lowest half of the population.

Under the Pantawid Pasada program, around 115,000 public utility vehicle drivers and operators received PHP6,500 each.

“To mitigate the impact of rising oil and commodity costs, the government stands ready to assist consumers, commuters, public transportation drivers and operators, and agricultural producers.” As the Covid-19 instances fade, we hope to raise the country’s alert level to 1 to provide Filipinos greater possibilities to earn and provide for their families in the face of inflationary pressures,” Chua added.

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