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Palace on record-high inflation: No reason to panic

By: - Reporter / @NCorralesINQ
/ 05:20 PM September 07, 2018

AMMAN -Filipinos have no reason to panic despite the record-high 6.4 percent inflation as Malacañang assured the public that the government was “addressing it.”

The Philippine Statistics Authority on Wednesday announced that inflation rose to a nine-year high of 6.4 percent in August compared to 5.7 percent in August.

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“Mataas po ang inflation rate pero tingnan ninyo naman, historically, it’s high but it’s not ridiculously high,” Presidential Spokesperson Harry Roque said in a Palace briefing here.

“Normal pa po ‘yan. It’s higher than usual but it’s nothing to be worried about,” he added.

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Roque said, “Isa pa pong dahilan kung bakit hindi dapat mag-worry, although tumaas nang kaunti ‘yung inflation, ‘yung employment naman natin had better indications.”

Inflation during Arroyo’s term

He cited that inflation during the time of former President Gloria Macapagal-Arroyo was even in double digits.

“Itong 6.4 hindi po ito unprecedented in our history. During GMA’s time, it was double digits, and GMA’s time was only what? Eight years ago? So it’s not a reason to have any sort of panic. It’s not that we are ignoring it, we are addressing it, kaya lang, hindi naman overnight ‘yung resulta ng mga anti-inflationary measures na ginagawa ng gobyerno,” Roque said.

He said the government was taking measures to address inflation like importing more goods, taking steps to lower the prices of oil products, among others.

“Ibig sabihin po, ina-address po natin ang issue ng inflation. It will not happen overnight kasing itong infation naman po, dahil din maraming masyadong pera na umiikot sa ating ekonomiya ngayon,” he said.

No need for price control

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Roque said inflation is “under control” and there was no need for the government to declare a state of calamity and impose a price control.

He said the issue on inflation was just being politicized. “It’s under control, nagiging political issue nga lang po dahil malakas talaga ang usapin ng politika ngayon, mag-e-eleksiyon na,” he noted.

He denied that the voiding of the amnesty of opposition Sen. Antonio Trillanes was a tactic to divert the public’s attention from the record-high inflation.

“Well, I beg to disagree,” Roque said.

Meanwhile, Roque also allayed the fears of the public on the effect of the 13-year low value of the Philippine peso against the United States dollar.

He attributed that stronger dollar to the government’s “Build, Build, Build” program that required importing of materials.

“Pero that is not a reason to worry po. Ultimately, in the long run, ang tingin namin ‘yung trabaho at tsaka ‘yung negosyo na mage-generate ng Build, Build, Build, will make up for the weaker peso,” he said.   /vvp

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TAGS: Economy, Inflation, Philippine business, Philippine news updates
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