Neda, DOF, BSP to discuss effects of rising oil prices on local commodities

(FILE) Market vendor Rechilda Nariz, 32, wait for customers at her stall in Commonwealth Market in Quezon City on Sunday August 9, 2020. INQUIRER PHOTO / GRIG C. MONTEGRANDE

MANILA, Philippines — The government’s economic managers are set to meet on Monday to discuss the possible effects of rising oil prices on the prices of domestic commodities, an official of the National Economic and Development Authority (Neda) said Saturday.

According to Neda Undersecretary Rosemarie Edillon, the effects of soaring oil prices have not been significantly felt in local commodities in February. However, she noted that the situation may change in March.

“Pag-u-usapan pa lang po namin sa Lunes. Magpapalitan kami ng analysis with the Bangko Sentral, with the DOF (Department of Finance),” she said at the Laging Handa public briefing when asked if Neda foresees that inflation will increase this month.

(We will talk about it on Monday. We will exchange analysis with the Bangko Sentral and the DOF.)

“May ginagawa na rin pong analysis ang Neda and then titingnan po namin kung ano ang lumalabas na estimates para dito at kasama na rin ang pag-u-usap ng kung ano ang dapat nating gawin,” she added.

(The Neda is also conducing an analysis and then we will look at the estimates. We will also discuss what we should do about it.)

Edillon said the government’s economic managers will identify short-term and long-term solutions to the possible effects of the oil prices in local commodities.

On Friday, the Philippine Statistics Authority reported that inflation rate, or the average rate of increase in prices of basic commodities, in February remained at 3 percent, similar to January.

Citing the rising prices of Dubai crude oil, Department of Energy – Oil Industry Management Bureau Director Rino Abad said oil prices may further increase significantly next week.

/MUF