NextGen Day

A party-list lawmaker stated on Saturday that the Philippine peso’s devaluation could result in increased costs for goods and services as well as general inflation, thus the government should think about offering rice subsidies of 10 to 50 kilos for low- to middle-income people.

Local fuel prices will continue to rise, according to a statement from Representative Bernadette Herrera of the Bagong Henerasyon Party list, because it now costs more pesos to import foreign oil.

“Due to the devaluation of the peso, all economic institutions must get ready for another spike in inflation. Hopefully, the decline in value is only momentary, similar to when the foreign currency rate was PHP54 to USD1.00 in September and October of last year “said Herrera. “Economic projections show that until the inflation pressures have receded, we will continue to see high inflation for many more months.”

The peso lost more value last Friday, falling from its previous day’s close of 54.7 to 54.985 against the dollar.

Herrera argued that in addition to rice subsidies, there ought to be more support for rice farmers, fishermen, livestock owners, and vegetable growers, particularly in the form of fuel subsidies and subsidies for inputs used in production, processing, postharvest storage, transportation, and marketing.

“The economic managers need to move quickly. They must also be prepared for the effects of typhoons, monsoon flooding, and other disasters. There must be sufficient and prepared inventories of rice and other humanitarian supplies “She spoke.

According to Herrera, increased costs associated with foreign exchange adjustment are also projected to push up prices for telecom, water, and power.

“The current priority is to maintain low or stable food and utility prices. There must be sufficient supplies of rice, corn, wheat, sugar, and corn to suit family consumption needs as well as the production needs of animal feed manufacturers and livestock farmers “She spoke.

Herrera also requested that all pending petitions and cases regarding refunds and rebates be resolved by the Energy Regulatory Commission, wholesale electricity spot market, and water regulatory organizations.

Reynan Arrogancia, the newly elected representative for Quezon, stated that the weakening of the peso is “positive for the dollar-earning tourism firms” and will “alleviate some of the pain” caused by rising inflation and fuel prices.

Arrogancia argued that rather than promoting more expensive, well-known attractions, the Department of Tourism should work to promote less well-known vacation spots.

“When international visitors and balikbayans arrive, tourism destinations like the beaches of Quezon bordering Tayabas Bay will benefit from a high peso to dollar exchange rate, Arrogancia added. “Now that the nation’s travel restrictions have been loosened and the spread of Covid (coronavirus illness) is minimal, tourism is seeing a resurgence.”

He pointed out that more business owners in the transportation industry, as well as shuttle service providers for tourists, should be included in the distribution of gasoline subsidies.

Tourism, BPOs (business processing outsourcing), exporters with high local content, and ecozones are all benefiting from the high exchange rate that favors dollar earners. However, because of the high cost of imported oil and petroleum products, gasoline prices in the transportation sector would continue to rise “said he.

“Therefore, I am once again pleading with the DOTr (Department of Transportation) to expedite and broaden the Pantawid gasoline subsidies, which are desperately needed to protect motor vehicle owners from rising fuel prices.

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