Diokno says gov’t urgently needs to tame inflation

Budget Secretary Benjamin Diokno.
PHOTO BY EARVIN PERIAS

Budget Secretary Benjamin Diokno on Wednesday said measures to tame the increasing prices of commodities must be delivered with “greater sense of urgency” after inflation hit a new nine-year high of 6.4 percent in August.

In a text message to reporters, Diokno also claimed that the August inflation calls for the  swift passage of the rice tariffication bill.

“A big chunk of the August inflation rate is due to the rise in food prices — fish, rice, other meat, and vegetables. The share of these 4 food items to August inflation is 2.4. The government efforts to tame inflation remain appropriate but must be delivered with greater sense of urgency,” Diokno said.

“The unconditional cash transfers and the Pantawid passes programs should be delivered much faster. Congress ought to act on the rice ratification (tariffication) bill expeditiously,” he added.

Data released by Philippine Statistics Authority (PSA) on Wednesday showed inflation clocked in at 6.4 percent in August, the fastest in over nine years since inflation came in at 6.6 percent in March 2009.

READ: Inflation hits new 9-year high of 6.4% in August

President Duterte earlier certified as urgent the rice tariffication bill to ensure its swift passage in Congress.

The Budget chief said the country must switch from the current quota system in importing rice to a tariff system where rice can be imported more freely. /jpv