Fuel Subsidies, Cash Aid To Ease 7.7% Inflation - Inquirer News

11/5/22, 6:34 PM Fuel subsidies, cash aid to ease 7.
7% inflation | Inquirer News
Nov 5, 2022
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Fuel subsidies, cash aid to ease 7.7%

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Philippine Daily Inquirer / 05:30 AM November 05, 2022
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Fuel subsidies, cash aid to
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SLOW MARKET DAY A vendor takes a rest as she waits for customers at Quinta Market in Quiapo, Manila, on
Friday, the same day that the government reported a 14-year high inflation rate of 7.7 percent in October.
Businessmen see lower sales as a result, expecting consumers to be more cautious in spending their money with GLOBALNATION
prices on the rise. —RICHARD A. REYES PH resumes deployment
of OFWs to Saudi Arabia
The government will continue providing fuel subsidies or discounts to

transport workers, farmers and fisherfolk, and cash transfers to the poorest
Filipinos to soften the blow from a 14-year high inflation rate, which could
News that matters
still rise before the year ends, officials said on Friday.
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further from 6.9 percent in September to 7.7 percent in October, the highest
since the 2008 global financial crisis, according to the Philippine Statistics
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11/5/22, 6:34 PM Fuel subsidies, cash aid to ease 7.7% inflation | Inquirer News
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“It is not certain that inflation in October is already the peak,” said National LEARN MORE
Statistician Dennis Mapa.
He said that with the recent storms that ravaged farms and fisheries, there
was a “substantial probability” that inflation would be higher in November.
The PSA said the 10-month or January-October average inflation was 5.4
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Felipe Medalla, governor of the Bangko Sentral ng Pilipinas (BSP), said in an senior staff and editorial writer at...
interview with BloombergTV on Friday that inflation was expected to peak Nikkei Asia READ MORE
either in November or December.
He said the BSP expected inflation in 2022 to average 5.6 percent to 5.7
percent.
“Next year it should average close to 4 percent. By the second half of 2023, it
will be below 4 percent already,” Medalla said.
Press Undersecretary Cheloy Velicaria-Garafil said President Marcos

ordered the continued distribution of cash transfers and fuel discounts to
the “most vulnerable” Filipinos.
This is part of the administration’s “key response” to rising inflation as it

builds on its “climate action and food security” programs, Garafil said.
“The President is committed to support our farmers and other stakeholders

in agriculture in postdisaster recovery, while improving the value chain and
investing in climate-smart technologies remain a priority in the medium
and long term,” she said.
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Both Finance Secretary Benjamin Diokno and Economic Planning Secretary

Arsenio Balisacan said “targeted support programs,” or “targeted relief,”
referring to the cash aid and fuel subsidy, would be continued, but did not
specify any amount or where the money would come from.
In August, the Department of Budget and Management approved the second

tranche of the targeted cash transfer program amounting to P4.1 billion,
which was intended to aid more than 4 million of the poorest households in
the country.
In addition, more than 158,000 “eligible” farmers and fisherfolk were to

receive P3,000 each as fuel discounts then.
Mapa said that last month’s inflation was driven mainly by a faster rate of
Nov 5, 2022
increases in prices of foodstuffs like meat, vegetables, and fish and other
seafood.
Other big contributors were electricity, house rental, wood fuel, petroleum
products like diesel and gasoline, and transport fares, Mapa said.
Global supply chains

Balisacan said that aside from disruptions in food production, the surge in
prices resulted from disruptions in global supply chains caused by the
Russian invasion of Ukraine as well as COVID-19 lockdowns imposed in
parts of China
In addition to providing immediate assistance to households that are worst-

affected, the government will enable “timely imports” to augment domestic
food production, he said.
With last month’s hike, Filipinos will now have to pay P107.70 for the same
item they bought for P100 in October 2021.
Filipino consumers feeling the squeeze from high inflation rates and prices
increases are expected to cut back on spending, which will then affect local
businesses, according to George Barcelon, president of the Philippine
Chamber of Commerce and Industry, the country’s largest business
organization.
As a reaction to the hikes people would spend less even if they have
As a reaction to the hikes, people would spend less even if they have
Nov 5, 2022
relatively more money from year-end bonuses, he told the Inquirer in a
NEWS phone interview.

GLOBAL NATION BUSINESS LIFESTYLE ENTERTAINMENT TECHNOLOGY SPORTS OPINION
“Normally by December, sales pick up by about 30 percent. We might see a
lower or a flatter increase,” he said.
“On our side,” Barcelon added, “our concern is that there would be more
pressure for wage adjustments.”
Interest rate hikes

Go Negosyo founder Joey Concepcion said high inflation was a problem of
other countries as well and that is because of the interest rate hikes by the
US Federal Reserve to rein in their own inflation.
“We are taking a hit because we cannot pass all the cost increases to
consumers because that may tank sales, which we cannot have during the
fourth quarter but it is the strongest quarter for us entrepreneurs,”
Concepcion said.
Alliance of Concerned Consumers in the Philippines convenor Ritchie

Horario told the Inquirer that ordinary Filipinos would be cautious in their
spending and “will definitely prioritize basic necessities.”
Rights Action Philippines chair Rey Dulay said the government should
implement immediate measures to deal with the “alarming” rise in inflation
that was hurting the Filipinos’ purchasing power, which could eventually
hurt the whole economy.
“Our government cannot just say that we cannot do anything about it and
keep on blaming the global trend of inflation,” he said.
Workers’ salaries are not able to keep up with rising prices and what little
savings people have are being drained, Dulay said.
Lois Rene Reyes, 36, and his wife, Maria Genesis Catindig-Reyes, 35, have
only one child, and they are having difficulty juggling household expenses
despite both holding full-time jobs.
p g j
Nov 5, 2022
“For groceries alone, the things you can buy for P5000 today before, for
NEWS example,
GLOBALis just equivalentBUSINESS
NATION to what you could have bought for
LIFESTYLE P3,000 a few
ENTERTAINMENT TECHNOLOGY SPORTS OPINION
years ago,” Reyes said.
Doubled expenses
His wife said grocery expenses had doubled and one way they avoid
overspending was to stick to their shopping list.
“If we need to restock on fruits, veggies, meat or fish, we will just do a quick
run [to the wet market] if there is really a need,” she added.
She said utility bills increased significantly. Their average monthly water
bill had risen fourfold from P300 in 2021, she added.
There is still a way for the President to help ordinary Filipinos cope with
rising inflation, according to Bayan secretary general Renato Reyes.
He said Mr. Marcos could certify as urgent several pending bills seeking to
reduce taxes on basic commodities and to raise workers’ pay.
“The 7.7-percent inflation rate is the highest since 2008 and should compel
the government to look into the plight of working people struggling to make
ends meet,” Reyes said.
Fernando Hicap, chair of the fisherfolk group Pamalakaya, said the Chief
Executive could also support their call for a production subsidy that would
cover an individual fishers’ fuel expenses for at least two months
amounting to P15,000.
The group also urged the Department of Agriculture, which is headed by the
President, to stop the country’s “overdependence” on imports that, with a
weakened peso, “pushes up the costs of imported agricultural commodities,
including petroleum and fertilizer.”
—WITH REPORTS FROM JULIE M. AURELIO AND MARIEJO S. RAMOS
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11/5/22, 6:34 PM Fuel subsidies, cash aid to ease 7.

7% inflation | Inquirer News

NEWS GLOBAL NATION BUSINESS LIFESTYLE ENTERTAINMENT TECHNOLOGY SPORTS OPINION

OnePlus x League of Legends

Fuel subsidies, cash aid to ease 7.7%

EDITORS' PICK MOST READ

The government will continue providing fuel subsidies or discounts to

Man Who Predicted 2008 Market Crash Reveals

Studies deny link between

OnePlus x League of Legends

Statistician Dennis Mapa.

either in November or December.

Press Undersecretary Cheloy Velicaria-Garafil said President Marcos

This is part of the administration’s “key response” to rising inflation as it

“The President is committed to support our farmers and other stakeholders

Both Finance Secretary Benjamin Diokno and Economic Planning Secretary

In August, the Department of Budget and Management approved the second

In addition, more than 158,000 “eligible” farmers and fisherfolk were to

Global supply chains

In addition to providing immediate assistance to households that are worst-

NEWS phone interview.

Interest rate hikes

Alliance of Concerned Consumers in the Philippines convenor Ritchie

—WITH REPORTS FROM JULIE M. AURELIO AND MARIEJO S. RAMOS

LTFRB disburses over P1.1M fuel subsidy to 180,000 PUV operators

OnePlus AD $8.59 $3.28

Nov 5, 2022 evacuation centers

Man Who Predicted 2008 Market Crash Reveals Unexpected

Sell Your Condo Guaranteed in Metro Manila

Over 2 Million Filipinos are earning online money by using this

Arthritis: A Simple Trick to Relieve Pain Easily

The freedom to build what you were born to build.

Don't miss out on the latest news and information.

TAGS: Cash aid, commodity, Fuel, Inflation, subsidy

For feedback, complaints, or inquiries, contact us.

Parent Throws Bleach In 72-year-old N…

Read More 5 comments

THE INQUIRER CHANNELS SERVICES THE INQUIRER COMPANY PARTNERS

News Mobile About INQUIRER.net Libre

Sports RSS About the INQUIRER Hinge Inquirer

Entertainment Email Us User Agreement Bandera

Lifestyle Archive Link Policy Cebu Daily News

Technology Contact Us Privacy Policy DZIQ990 AM

Business Newsletter Article Index Motion Cars

Opinion Job Openings

Nov 5, 2022 © Copyright 1997-2022 INQUIRER.net | All Rights Reserved

NEWS GLOBAL NATION BUSINESS LIFESTYLE ENTERTAINMENT TECHNOLOGY SPORTS OPINION

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