Malacañang: “This will be part of government’s key response to rising inflation even as we continue to build on climate action and food security”
MALACAÑANG — The Palace said that President Ferdinand “Bongbong” Marcos Jr. has ordered the continuation of support to the most vulnerable sectors through the distribution of cash transfers and fuel discounts in order to help cushion the impact of rising inflation.
According to Office of the Press Secretary (OPS) officer-in-charge Undersecretary Cheloy Garafil, this would be part of the government’s key response to rising inflation even as the government continued to build on climate action and food security.
“We assure the public that the government continues to monitor inflation and all contributing factors and will explore all other measures to alleviate its impact on our people,” Garafil said in a press statement.
Garafil’s statement came after the Philippine Statistics Authority (PSA) reported that the Philippines’ headline inflation accelerated to 7.7% in October 2022, higher than the 6.9% reported in September the same year.
She said that the latest inflation rate remains within the Bangko Sentral ng Pilipinas (BSP)’s forecast range of 7.1% to 7.9% for October.
The National Economic and Development Authority (NEDA) explained that the spike in the prices of commodities was because of external pressures such as the Ukraine-Russia war and fiscal instability as an effect of the coronavirus pandemic.
Also contributed to the surge in prices are domestic issues, such as the impact of recent typhoons.
Garafil said that the President is committed to supporting Filipino farmers and other stakeholders in agriculture in post-disaster recovery while investing in “climate-smart” technologies and improving the value chain remain a priority in the medium and long term.
She also said that the effective management of water resources would be prioritized as part of the response to mitigate water-induced damages to lives, property, and livelihood.
The President, meanwhile, has also ordered concerned agencies to invest in innovations and technologies in order to make communities and businesses resilient amidst extreme weather challenges.