Cha-cha may worsen inflation, says solon

 

MANILA, Philippines — The ongoing discussions on the amendment of the 1987 Constitution could “further exacerbate” inflation, which has risen to 3.4% in February from 2.8% in January, House Deputy Minority Leader and ACT Teachers Party-list Rep. France Castro said on Wednesday.

In a statement, the lawmaker pointed out that consumers cannot fully support constitutional amendments that would allow foreigners’ full ownership in critical sectors of the country.

“The IBON Foundation has rightly pointed out that if foreigners dominate our educational institutions, media, utilities, and other essential needs such as food, energy, and resources, it will not only infringe upon our fundamental rights but also jeopardize our ability to ensure our own interests are protected,” Castro said.

She also stressed that the cost of living is already high, even without foreign dominance in the economy.

The public should also be wary of pro-big business and pro-foreign policies such as privatization, deregulation, and liberalization, which, according to Castro, burden poor Filipino consumers.

“We also cannot overlook the potential consequences of foreign goods and services flooding the market, displacing our local producers and consumers who have been neglected for far too long,” she added.

Castro further pointed out that the proponents of charter change (Cha-cha) were not able to fully explain its benefits to the public, which is a “violation” of our right to information and education.