Marcos Orders Agencies To Prioritize Food, Fuel And Electricity As Inflation Soars
Inflation quickened to 7.2 percent in September from 6.1 percent in August and 1.7 in the same month last year mainly due to higher food and energy prices.
SINGAPORE – President Marcos is zeroing in on efforts to ensure enough food, fuel and electricity supply after inflation soared to 7.2 percent last month due to the Middle East conflict and recent disasters, Malacañang said on Wednesday, Oct. 7.
Palace press officer Undersecretary Claire Castro said Marcos met with Executive Secretary Ralph Recto on Wednesday to discuss ways to ease the impact of rising prices.
"We are preparing for this. We cannot deny the effect of the ongoing crisis in the Middle East and the calamities that entered the Philippines. Even the political noise is affecting our economy," Castro said in a media briefing here.
"The President is now focusing on food, fuel and electricity. The directive of the President is to ensure that the Philippines will not run out of fuel supply. If the supply of fuel is disrupted, businesses would be disrupted and it would have a bigger effect on our economy," she added.
Inflation quickened to 7.2 percent in September from 6.1 percent in August and 1.7 in the same month last year mainly due to higher food and energy prices. Rice inflation also accelerated because of tighter domestic supply and higher transportation costs. Fish and vegetable inflation also quickened because of weather disturbances that affected supply.
Castro gave assurance that the government would sustain policies and programs designed to assist the vulnerable sectors. She cited the removal of the 12 percent value added tax in the allowable system loss charge in electricity bills; the management of pork supply during holiday season; the UPLIFT program, which involves interventions that aid sectors hit by the impact of the war in the Middle East; the TUPAD emergency employment program and free rice program.
"The fuel subsidy for PUV (public utility vehicle) drivers will continue as well as the expansion of Kadiwa," Castro said, referring to the program that aims to make affordable goods more accessible.
Castro said the government is also bracing for the effects of El Niño, which started this month and may last until March next year. Late last month, Marcos instructed agencies to adopt measures to prevent water shortages and severe drought.
