The House of Representatives is working its fingers to the bone with the Marcos government’s economic team on steps to curb inflation which soared at 8.7 percent in January.
The House committee on appropriations had a briefing with the members of the Development Budget Coordination Committee on Tuesday to address inflation’s impact on national government programs, activities, and projects.
Considering that the inflation rate is a global phenomenon, Speaker Martin Romualdez said that DBCC’s output would pave the way for Congress to prioritize such pressing issues.
“Again, I reiterate the Congress’ willingness to work hand-in-hand, to be marching in lockstep with the executive in pursuing the solutions to the economic challenges that the country faces,” said the Leyte solon.
The panel will convene an oversight hearing to examine how Congress and the economic managers might collaborate to address the economy’s difficulties in line with the President’s whole-of-government strategy.
The DBCC members are comprised of Secretaries Benjamin Diokno of Finance and Amenah Pangandaman of Budget, Bangko Sentral ng Pilipinas Gov. Felipe Medalla, and National Economic and Development Authority Director General Arsenio Balisacan.
At the briefing, Marikina Rep. Stella Quimbo, the panel’s senior vice chairperson, called on to hasten financial aid disbursement to as many as 2.58 million more poor Filipinos — amid skyrocketing food process.
According to Quimbo, ADB research found that 10% food inflation puts an additional 2.3 million people into poverty.
Quimbo, an economist, then proposed that the projected P11.9 billion collection from value-added tax on increased prices of commodities in January be used to aid Filipinos in coping with soaring inflation.
“With an 11.2 percent food inflation rate that we are currently experiencing, the number of poor Filipinos has increased by 2.58 million,” Quimbo said, noting that high pricing will soon affect local producers, who will bear the weight of lower production, which will eventually damage jobs in the country.
Pangandaman, on the other hand, said that the government has at least P9 billion in support ready for recipients of Conditional Cash Transfers.
“We are responding to the President’s speech to help the poorest of the poor,” Pangandaman said.
Nevertheless, Medalla said the government’s plan of selling dollars and boosting interest rates to curb inflation was succeeding.
The DBCC briefing in the lower chamber has initiated harmonizing the executive and legislative branches’ efforts to control inflation and meet the poverty reduction targets outlined in the Medium-Term Fiscal Framework.