It is high time for the government to address the soaring prices of goods and commodities in the country as the peso dips further against the US dollar, Senator Bam Aquino said on Monday.
“Sa paghina ng piso, lalong nalulunod sa taas presyo ang mga Pilipino. Malaking porsiyento ng mga produkto sa merkado ay mayroong imported na raw materials, kaya ang tama ng pagbaba ng peso ay pagtaas na naman ng presyo,” Aquino said in a statement.
(With the continued fall of the value of the peso, Filipinos will also continue to bear the burden of rising prices of commodities. A huge percentage of products sold in the market have imported raw materials, so the drop in peso value means increase in prices.)
“Pareho ang sinasabi ng datos ng gobyerno at karanasan ng maraming Pilipino, nalulunod ang taumbayan sa tumitinding taas presyo,” he added.
(The government’s data is consistent with the experience of many Filipinos — the people are suffering from high prices of basic goods.)
Aquino, one of four senators who voted against the ratification of the Tax Reform for Acceleration and Inclusion (Train) Law, issued the statement in response to Budget Secretary Benjamin Diokno’s remark that the weakening peso is not bad for the country.
The senator maintained that the increase in inflation rate, which was projected to reach 5.1 percent in June, and the weakening of the peso should be enough reasons to suspend the controversial law.
READ: Bam Aquino calls for urgent review of Train law amid soaring inflation
“Ano pa po ba ang patunay na kailangan ng gobyerno para isuspinde na ang pahirap na Train (What more proof do we need that the government already needs to suspend the Train law)?” Aquino asked. “Dumarami pa po ang nasasagasaan ng Train, kailan po ihihinto ng gobyerno pahirap na ito (More people will suffer from its adverse effects, so the government really need to suspend it).”
Aquino has been pushing for the immediate suspension of the excise tax on petroleum products to lessen the burden on the public.
READ: Bam Aquino rallies support for passage of TRAIN law amendment
He also urged for the full implementation of the mitigating measures under the Train law, including the unconditional cash transfer (UCT) for poor families and the Pantawid Pasada Program for jeepney operators and drivers. — Kristine Macasiray/Intern (INQUIRER.net) /ee