AMID HIGH INFLATION RATE
Gov’t won’t tolerate ‘vultures who will prey on consumers’
By Lira Dalangin-Fernandez
INQUIRER.net
First Posted 17:37:00 07/04/2008
Filed Under: Economy, Business & Finance
MANILA, Philippines -- The 11.4 inflation is a cause for concern and the government won’t tolerate “vultures who will prey on consumers” by jacking up their prices as a result of the inflation, President Gloria Macapagal-Arroyo’s officials said Friday.
At the same time, the government will take up measures to curb the rise of inflation and ease its impact on the people, said Palace Deputy Spokesperson Lorelei Fajardo and Cabinet Secretary Ricardo Saludo.
Fajardo warned against businesses that would jack up their prices unreasonably.
"Price increases in food may seem to be the order of the day, but the government will not tolerate hoarders and vultures who will prey on our consumers," she said in a statement.
Cabinet Secretary Ricardo Saludo said that "it's always a concern when inflation goes up."
"We would really like inflation to be as low as we can and the good thing is under the Arroyo administration, we've actually seen an average inflation rate that is lower than previous administrations," he said.
Saludo said the government was working with the private sector, especially industry leaders, oil companies, power sector to minimize the impact of high oil prices on domestic inflation.
He said the government would focus on boosting production, conserving energy, and developing alternative sources of energy to veer away from dependence on imported oil.
|
