House Speaker Gloria Macapagal-Arroyo expressed confidence that the Duterte administration could solve the record-high 6.4 percent August inflation, saying she experienced “a more alarming” situation during her term as President.
“The government is doing what it can to address it… I have had a more alarming situation at 6.6 percent and I was able to solve it in a few months time so there can be a solution,” she told reporters in an ambush interview after the oath-taking rite of National Youth Commission Chairman Ronald Cardema in her office.
WATCH: NYC Chair Ronald Cardema takes his oath before House Speaker Gloria Macapagal Arroyo. @inquirerdotnet pic.twitter.com/tdUUHxXX5z
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Although she said she wanted to base her suggestions on data, Arroyo had recalled that during her term, they had solved the 6.6 percent inflation in March 2009 by massive importation of rice and massive buying of rice from local farmers.
“I remember in my time, in March of 2009, the inflation was 6.6 percent but by June, it was down to 1.5 percent. So conceivably, even a sharp increase can be resolved. But we have to analyze what’s driving it and therefore how to address what’s driving it,” she explained.
“A lot of measures were taken, combination, but maybe the single biggest factor was the massive importation of rice together with buying massively with the local farmers,” she added.
The Pampanga 2nd District congresswoman also said she would consult her point man on counter inflation, Albay 2nd District Rep. Joey Salceda, on what can be done this time aside from their earlier suggestion to address the five major drivers of inflation: exchange rate, rice, fish meat, and oil.
She also said the Tax Reform for Acceleration and Inclusion (TRAIN) Law contributed “a very very small portion” to the inflation.
The government earlier reported that the inflation hit a new, nine-year high of 6.4 percent in August.
READ: Inflation hits new 9-year high of 6.4% in August
It was also the fastest rate of increase in prices of basic goods and services since March 2009’s 6.6 percent inflation rate during Arroyo’s time. /vvp
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