Presidential Spokesperson Harry Roque. INQUIRER file photo / JOAN BONDOC
Malacañang on Monday defended President Rodrigo Duterte’s claim that the US tariffs on imports from China were to blame for the Philippines’ high inflation.
Presidential spokesperson Harry Roque said the country’s economy was adversely affected by the trade war between the United States and China.
“The truth is, our economy was messed up by the trade war between America and China. We cannot deny that. Before, things were going smoothly as planned, but everything was derailed because of the trade war,” Roque said in a radio interview.
In a press briefing later, the presidential spokesperson maintained that the trade war between the United States and China “abruptly interrupted” the economic crescendo of the world economy.
“We know that all growth forecasts are now being adjusted because of the trade war. We know that growth may not be as fast as expected,” Roque said.
‘Most susceptible’
He noted that the Philippines was “most susceptible” since its exports to China were in turn being reexported to the United States, translating to weaker imports and slower economic growth.
He made the remarks after the President announced that the tariffs on Chinese imports, imposed by US President Donald Trump, triggered the spiraling inflation in the Philippines.
But Sen. Francis Pangilinan, president of the Liberal Party, downplayed the President’s claims, stressing that the country’s neighbors should have similarly high inflation if this were the case.
On Sunday, Pangilinan pointed out that the Philippines had the highest inflation in the region and that the gap in the inflation rate of its Southeast Asian neighbors was too big.
According to the Philippine Statistics Authority, inflation reached 6.4 percent in August, the fastest increase in nine years since.