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Pinoys are being exhorted to tighten their belts and prepare for the impending recession.
MANILA, Philippines — On Tuesday, a House leader urged Filipinos to tighten their belts in preparation for the impending global recession.
Isidro Ungab, Deputy Speaker and Davao City Representative, said Filipinos must be prepared and plan how to budget their income and expenses as the country faces a worldwide increase in inflation, increasing fuel prices, potential food shortages, and the ongoing Russia-Ukraine conflict.
On top of that, Ungab noted, another possible surge in coronavirus disease (Covid-19) infections is expected as the government considers restoring Metro Manila to a tighter Alert Level 2 status.
“We anticipate trying times ahead…
“It is up to us whether we can safely ride it out and survive, or if we will be caught off guard and succumb to the global financial crisis,” Ungab said in a statement.
In difficult times like these, Ungab advised Filipinos to look for alternative sources of income and to be creative.
Food and basic commodity prices are surpassing earnings, he said, and this is becoming a rising household worry.
Ungab backed President-elect Ferdinand Marcos Jr.’s plan to include a stimulus package in the national budget for 2023, claiming that it demonstrates the next administration’s commitment to rebuilding the country’s economy.
“I implore everyone to come together and support the new administration. Let us unite and work for our country to overcome these economic difficulties and challenges,” Ungab urged.
Apart from the government’s plan to combat growing inflation, Ungab also advised the new Marcos administration to create and update the Medium-Term Philippine Development Plan for 2023–2028, as it will serve as the foundation for budgeting expenditures in the future months and years.
Rep. Martin Romualdez of Leyte previously stated that the next Congress will place a high priority on passing Marcos Jr.’s legislative agenda, which includes a stimulus package to aid the country’s recovery from the coronavirus pandemic.
Romualdez, who is the front-runner for Speaker of the House in the 19th Congress, stated they are planning to enact a Bayanihan-style bill named Bayan Bangon Muli.
“It will allow the incoming President to harness the resources available to him during this closing period of 2022 and address the measures that are required for the pandemic, hopefully endemic, stage of this Covid issue, as well as to harness whatever remaining resources to stimulate and reinvigorate the economy for the better[ment] of all,” Romualdez said.