Palace vows to address rising prices
MANILA, Philippines — The government will “work twice as hard” to address the rising prices of commodities after the Philippine Statistics Authority reported a 4-percent inflation rate in March, up from 3 percent in February.
“Our economic managers continue to keep a tight watch over inflation … They attribute this upward trend in transport, gas, other fuels among others,” Presidential Communications Secretary Martin Andanar, acting presidential spokesperson, said in a statement.
“Having said this, we will not relax in our efforts and will work twice as hard to address the national issue of higher prices,” he added.
The Bangko Sentral ng Pilipinas’ inflation forecast for March was 3.7 percent with a range of 3.3 to 4.1 percent.
The country last recorded an 4-percent inflation rate in October 2021.
House ways and means panel chair and Albay Rep. Joey Salceda, however, said that March inflation rate of four percent was “not as bad as feared” as it was still within the target range.
“The rate turned out to be still within the target range. It’s at the cusp of breaking the target range, so it should definitely be treated as a trigger for more government action to provide relief,” he said in a statement.
With the higher inflation rate in March, the government should expedite the distribution of aid, especially targeted cash subsidies for the transport and agriculture sectors and poor Filipinos, he said.
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