Marcos orders continued support to vulnerable sectors hit hard by inflation | Inquirer News

Marcos orders continued support to vulnerable sectors hit hard by inflation

/ 03:38 PM November 04, 2022
INFLATION

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MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. ordered continued support to the most vulnerable sectors affected by rising inflation, Malacañang said on Friday.

According to Office of the Press Secretary officer-in-charge Cheloy Garafil, the assistance will be in the form of cash transfers and fuel discounts.

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“This will be part of the government’s key response to rising inflation even as we continue to build on climate action and food security,” Garafil said in a statement.

“The President is committed to supporting our farmers and other stakeholders in agriculture in post-disaster recovery while improving the value chain and investing in climate-smart technologies remain a priority in the medium and long-term,” she went on.

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Effective management of water resources, Garafil said, will also be prioritized to reduce water-induced damage to lives, livelihood and property.

Marcos also tasked concerned agencies to “invest in innovations and technologies to make our communities and businesses resilient amid extreme weather challenges.”

The president assured the public that the government continues to monitor inflation and contributing factors and will look for measures to ease its impact on the people, said Garafil.

The country’s inflation in October climbed to 7.7 percent, the quickest increase since December 2008.

The October inflation is 0.8 percent higher than September’s figure. However, Garafil said the number is within the Bangko Sentral ng Pilipinas’ forecast range of 7.1 to 7.9 percent.

Citing the National Economic and Development Authority, Garafil said that “external pressures” such as global inflation and domestic concerns caused a spike in the prices of basic commodities.

JMS/abc
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TAGS: Bongbong Marcos, Farmers, fuel discounts, Inflation
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