Economic Cha-cha won’t worsen inflation – Garin

“Will economic Cha-cha cause an increase in inflation? Ang sagot ko po, pasensya na po sa mga nagsabi, pero isa po yang malaking kalokohan at kasinungalingan. Bakit? Tila binibigyan natin ng maling pag-intindi ang taong-bayan,” Garin said in a briefing.

(Will economic Cha-cha cause an increase in inflation? My answer, and I beg pardon to those who said so, but that is nonsense and a lie. Why? It’s as if we are giving the people a wrong perception.)

Garin issued the statement after House Deputy Minority Leader and ACT Teachers Party-list Rep. France Castro earlier said that amendments  to economic provisions of the  Constitution will worsen inflation.

The Philippines Statistics Authority reported on Tuesday that inflation increased from 2.8 percent in January to 3.4 percent in February.

Garin added that the economic amendments will also encourage competition, in turn, causing price reductions.

“Napakasimple lang noon eh. Kapag may kompetisyon, bababa ang presyo. It’s as simple as that. Huwag na nating linlangin ang taong-bayan. Siguro iyong iba, hindi naintindihan anong meaning ng inflation. Ang ibig sabihin noon kapag tumaas iyon tataas ang mga bilihin, ganon iyon, tataas ang presyo,” Garin said.

(It’s simple. If there is competition, prices will drop. It’s as simple as that. Let’s not fool the people. Perhaps the others don’t understand the meaning of inflation. It means, if inflation goes up, prices of commodities will increase.)

“Paano tataas kung marami ang nagbebenta? Kapag may economic Cha-cha, ang ibig sabihin ay bukas at magkakaroon ng kompetisyon,” she added.

(How will inflation increase if there is an open market? If there is an economic Cha-cha, that means, it will be open and there will be competition.)

Two other lawmakers also present in the briefing agreed with Garin.

“Ngayon, sa economic Cha-cha na gagawin po natin, we are inviting foreign investors, we are telling investors to invest in our country and if they do that, we bring in more money. If we bring in more money, we give more jobs to the people, we get more taxes from these investors,” Quezon First District Representative Marvin Rillo said.

“Ang economic Cha-cha po talaga is to, aside from inviting foreign direct investors, ‘yung mga companies nila, this will also create employment in (several) areas. And that would create, spur development, not only development, potential income revenue to LGUs, to the national treasury, as well as create jobs for ordinary citizens,” Lanao del Sur First District Representative Zia Adiong said.

(The economic Cha-cha is aimed at, aside from inviting foreign direct investors, their companies,  this will also create employment in (several) areas. And that would create, spur development, not only development, potential income revenue to LGUs, to the national treasury, as well as create jobs for ordinary citizens.)