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Gov’t urged to bail out Pinoys from high prices

February 28, 2023 Jester P. Manalastas 245 views

THE national government was urged to distribute financial aid or ayuda to Filipinos amid the skyrocketing food prices.

House Committee on Appropriations senior vice chairman Marikina City Rep. Stella Quimbo said the high inflation rate or the high cost of commodities could result in 2.8 million more poor Filipinos.

Quimbo made the call during the oversight committee hearing wherein the members of the Development Budget Coordination Committee (DBCC) were called to discuss with the lawmakers the possible ways to address some economic challenges including the inflation.

According to Quimbo, the potential P11.9-B additional collection from value-added tax (VAT) from higher prices of goods in January can be used to help Filipinos cope with the high inflation.

She cited an ADB study which estimated that 10% food inflation rate pushes an additional 2.3 million into poverty.

“With an 11.2 percent food inflation rate that we are currently experiencing, nadagdagan ng 2.58 million ang bilang ng mga mahihirap na Pilipino,” Quimbo said.

The lady solon added that due to high prices, local producers are also taking the brunt of weaker production which will eventually affect jobs in the country.

“Magre-resulta sa paghina ng produksyon sa mga lokal na pagawaan ang mataas na inflation. Ibig sabihin, mawawalan rin ng mga trabaho,” she said.