THE inflation rate further accelerated to 6.4 percent in August as prices of food, beverages and tobacco continued to soar, prompting lawmakers to call on the Duterte administration to focus on addressing economic problems and fire its economic managers for alleged inefficiency.
“Pag 6.4 percent na ang inflation apektado na ‘yan, malaki ang bagsak ng purchasing power ng bawat Pilipino,” said House minority leader and Quezon Rep. Danilo Suarez during the weekly press conference of the House minority bloc on Wednesday, September 5.
He said the administration should consider removing its economic managers for failing to rein in inflation.
Economic officials, however, have warned that the inflation rate will continue to accelerate before it will taper off towards the end of the year and stabilize by next year.
Akbayan Rep. Tom Villarin, in a separate interview, said President Rodrigo Duterte should address the country's economic woes instead of focusing on ways to silence his critics.
“Inflation hits above 6% for August and Duterte’s response is to intimidate and arrest critics like Sen Trillanes. Everyone is fair game under this tyrannical regime. Duterte is trying to deflect his economic woes by hitting the opposition hard. High time that we revive people power!” Villarin said.
Duterte ordered on Tuesday, September 4, the arrest of Senator Antonio Trillanes IV after declaring the amnesty granted to him in 2010 as void ab initio (from the beginning) for alleged failure to comply with the requirements for an amnesty.
“Instead of devoting its energies into finding dubious jurisprudence and concocting strategies to arrest critics and stifle opposition, the government should instead focus on measures to arrest runaway inflation,” remarked Ifugao Rep. Teddy Baguilat.
"Grabe ang pag focus nila sa pagsalanta ng critical voice. Misplaced priorities,” Baguilat added.
Bayan Muna Rep. Carlos Zarate said “the blame for the staggering and record-high 6.4-percent August inflation should fall squarely on President Duterte and his economic managers."
"Sa halip na unahin ang politika at pangha-harass sa oposisyon, dapat ang administrasyong ito ay magkonsentra sa kung paano ibaba ang inflation at presyo ng mga bilihin," said the progressive solon.
He warned that the impending passage of Train 2 or the Tax Reform for Attracting Better and High Quality Opportunities (Trabaho) bill, the nation is "in for an even worse situation."
The Trabaho bill, which seeks to generate more jobs through the reduction of the corporate income tax from 30 to 20 percent, was passed on second reading by the House of Representatives Tuesday evening.
"Ni hindi pa nga nakakarekober ang mga consumers sa pagtaas ng mga bilihin dahil sa Train 1 ay gusto nilang aprubahan na agad ang Train 2. Kung titignang mabuti, mahigit doble pa ang itataas ng mga bilihin sa 2019 kapag hindi naibasura ang Train 1 at ipinatupad din ang Train 2," added Zarate.
At the House minority bloc's press conference, Suarez said the 42-member bloc will vote against the bill if their proposals will not be considered.
Ako Bicol Rep. Alfredo Garbin said a high inflation rate will lead to a wage hike.
He doubted whether such an increase will resolve economic issues.
“We urge our economic managers to really deliver what is really needed — the solutions,” added Garbin.
The minority bloc also expressed doubts over the economic effects of the Trabaho bill. Garbin said they were looking into whether the bill would generate more jobs or will push investors away.
“That’s also a big question because a lot of incentives will be removed from these multinational corporations doing business in the Philippines. It is a question of whether these incentives will really invite or itutulak natin palayo [yung mga investors],” he said.
The Philippine Statistics Authority on Wednesday reported that the headline inflation rate at the national level further increased to 6.4 percent in August, approaching a nine-year high. The inflation rate reached 6.6 percent in March 2009.
Annual increases in the indices of the following commodity groups were higher compared with their annual rates in July 2018: food and non-alcoholic beverages, 8.5 percent; alcoholic beverages and tobacco, 21.6 percent; furnishing, household equipment and routine maintenance of the house, 3.5 percent; health and restaurant and miscellaneous goods and services, 4.0 percent; and recreation and culture, 2.4 percent. (SunStar Philippines)