Blunting inflation

November 4, 2022 Ryan Ponce Pacpaco 216 views

PRESIDENT Ferdinand Marcos Jr. has directed the continuation of support to the most vulnerable sectors in the form of distribution of cash transfers and fuel discounts to help cushion the impact of rising inflation.

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.

Inflation has accelerated to 7.7 percent in October, and though higher by 0.8 percent from September’s figure, this remains within the Bangko Sentral’s forecast range of 7.1 to 7.9 percent.

External pressures such as global inflation brought about by compounding factors including the Russia-Ukraine war and fiscal instability as an effect of the COVID-19 pandemic, and domestic issues such as the impact of recent typhoons have jointly caused the surge in prices, as explained by the National Economic and Development Authority (NEDA).

The President is committed to support 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.

As part of response to mitigate water-induced damages to lives, livelihood and property, the effective management of our water resources will also be prioritized. Even early on, the President had stressed the need to establish the Department of Water Resources.

The President has also directed concerned agencies to invest in innovations and technologies to make our communities and businesses resilient amid extreme weather challenges.

“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,” the President said.