Senator Panfilo Lacson on Saturday said government should “not justify” but instead “do something” about the high inflation and “weak” peso exchange rates.
Lacson posted his sentiments on Twitter following Malacañang’s earlier assertion that the 5.2 percent inflation surge in June is not to worry about.
“High inflation rate and weak peso – Don’t justify; do something,” Lacson posted.
High inflation rate and weak peso – Don’t justify; do something.
— PING LACSON (@iampinglacson) July 7, 2018
The latest inflation rate due to sustained elevated prices of food and “sin” products is the highest in five years, according to the report of the Philippine Statistics Authority.
READ: Inflation hit new over 5-year high of 5.2% in June
Meanwhile, the peso closed on Friday at P53.42 against the US dollar, which is the lowest in six years.
If the trend continues, the peso will head near its 12-year low of P53.55 that was last recorded in July 2006. /muf
READ: PH dollar reserves fall to 6-yr low