Bongbong Marcos admin must tighten its belt or else - Jinggoy Estrada | Inquirer News

Bongbong Marcos admin must tighten its belt or else – Jinggoy Estrada

/ 03:21 PM June 29, 2022
Senator-elect Jinggoy Estrada answers reporters’ questions before taking his oath of office on Tuesday, June 28 in Parañaque City. Photo by Daniza Fernandez marcos frugal

Senator-elect Jinggoy Estrada answers reporters’ questions before taking his oath of office on Tuesday, June 28 in Parañaque City. Photo by Daniza Fernandez

MANILA, Philippines — The incoming administration of president-elect Ferdinand “Bongbong” Marcos Jr. must be frugal to avoid accruing more debts, senator-elect Jinggoy Estrada said.

In an interview on the sidelines of Estrada’s oath-taking Tuesday evening, he was asked what actions ought to be taken to provide relief to the middle class in the face of the continuing trend of rising commodity prices.

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“Well, pag-aaralan natin mabuti ‘yan dahil syempre sa ngayon, malaki na ‘yung utang natin at I don’t think we can afford na magkaroon pa ng isa pang lockdown. ‘Pag nagkaroon na tayo ng lockdown talagang magba-balloon na ang ating utang,” he replied.

(We have to think about it because we have a huge debt and I don’t think we can afford another lockdown. If we have another lockdown, our debts will balloon.)

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The country’s debt stood at P12.68 trillion as of March, data from the Bureau of the Treasury showed in May.

READ: Weeks before Duterte gone, PH debt hits new high in March: P12.68 trillion

“Kailangan maghigpit siguro ng sinturon ang ating administrasyon, itong darating na administrasyon,” the returning senator added.

(Maybe the next administration should tighten its belt.)

In March, President Rodrigo Duterte nixed the suspension of fuel excise tax and approved a monthly subsidy for low-income families.

READ: Duterte nixes suspension of fuel excise tax; OKs P200 monthly subsidy to poor families

The subsidy amounts to P500, which is only suitable for three months, the Department of Budget and Management earlier said. The distribution commenced on June 29, a day before Duterte steps down from office.

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The government is likewise yet to assist middle-class citizens.

READ: Gov’t yet to provide aid for middle-class citizens amid rising oil prices

Effective June 28, gasoline and diesel prices will inch up by P0.50 and P1.65 per liter. Kerosene cost will also swell by P0.10 per liter.

READ: Oil prices going up again on June 28

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TAGS: Debt, Ferdinand "Bongbong" Marcos Jr., Jinggoy Estrada
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