Palace blames rising fuel prices for record-high 6.7% inflation

Malacañang on Friday blamed the rising prices of fuel for the record-high 6.7 percent inflation recorded in September but assured the public that the government was undertaking measures to cushion the impact of rising prices in the country.

“Well, pagdating po sa paglobo ng inflation alam naman po natin na ang pinagmumulan niyan ay ‘yung pagtaas po ng presyo ng krudo. Tumaas na naman po ang presyo ng krudo,” Presidential Spokesperson Harry Roque said in a dzMM interview.

READ: Inflation hits new over 9-year high of 6.7% in September on elevated food prices

Roque cited that the government has already imported rice to lower prices to help temper inflation.

“Pagdating po sa pagtaas ng mga iba pang bilihin ay ginagawa naman po natin ang kaya nating gawin, nag-aangkat na po tayo ng pagkain para po mapababa ang presyo at asahan niyo po na hindi tayo natutulog sa pansitan,” he said.

The Palace official reiterated the need for the Philippines to have a domestic source of oil rather than merely relying on oil imports.

“Kaya nga po inaatupag natin yung paghahanap ng langis at isa pong option diyan ay ‘yung joint exploration diyan sa West Philippine Sea,” he said.

Roque earlier said that possible joint energy exploration with China in the West Philippine Sea would give the country energy security as oil prices continue to rise in the international market.

READ: Palace: Joint exploration of West PH Sea with China to give PH energy security

He said government was pushing for the signing of the deal during the visit of Chinese President Xi Jinping in Manila this November.  /muf