Saturday, December 15, 2018

Arroyo reiterates call for quicker action by Duterte economic team amid 6.7 percent Sept. inflation rate

Oct 5, 2018 @ 6:47

House Speaker Gloria Macapagal-Arroyo reiterated Friday her call on the Duterte government’s economic team to speed up the implementation of its policies amid the continuing rise of the inflation rate.

The Philippine Statistics Authority reported that inflation for the month of September soared to 6.7 percent, higher by 0.3 percentage points compared to August’s 6.4 percent.

In an interview in her home province of Pampanga, Arroyo, who is an economist by profession, recounted that during her term as president, inflation also rose, but was immediately brought down to 1.5 percent within months.

“It can be done,” she said.

“So, my advice is for the economic team to move faster on implementation of their policies which are more or less correct,” she added.

She also noted the importance of allocating substantial budget for the agriculture sector, as she had done during her presidency, noting that “inflation is most felt by the people on the price of food.”

“There is really a correlation between what you do in the budget and
what happens to the sector,” Arroyo said.

The leader of the House said she is trying to see if the budget of the Department of Agriculture can be raised to P20 billion, “which is a very, very tall order.”

In a joint statement, the Department of Finance, the National Economic Development Authority, and the Department of Budget and Management assured that “we are working swiftly to temper the rise in the prices of goods and offer relief to those most affected.”

“We remain committed to our goal of ensuring price stability, along with our overarching aim of translating sustained broad-based economic growth to comfortable lives for everyone,” the economic team said.

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