KMP said expensive fuel prices pushed the inflation rate to a 43-month high of 6.1 percent. Weeks of non-stop OPH impacted heavily food prices, transport costs, and the overall cost of living.
This June, prices of food increased by 6 percent, from 4.9 percent in May. Transport costs grew by 17.1 percent compared to 14.6 percent in the previous month. If PSA figures are not enough for Marcos Jr., then he should go out of his way and see how Filipinos grapple with high prices daily.
“Marcos Jr’s disbelief at the rising inflation rate shows his nonchalant attitude and extreme disconnect with the hardship experienced by Filipinos. His life of opulence is far from what ordinary hand-to-mouth Filipinos go through,” according to KMP chairman emeritus Rafael Mariano.
In response to the rising inflation, Finance secretary Benjamin Diokno said Marcos Jr’s Medium-Term Fiscal Plan targets an average annual growth rate of 6.5 percent to 8 percent and a poverty incidence of 9 percent.
KMP, however, wants to see concrete solutions to the current problem of price hikes.
“An ambitious six-year fiscal plan will be nothing if it will not decisively address the economic crisis and dwindling livelihood of Filipinos.”
“Rising fuel and food prices warrant immediate actions from the government. There should be urgent and short-term solutions to high prices. It will always boil down to Marcos Jr’s plan of action on curbing the rising prices of fuel, food, services, and utilities.
KMP reiterated the broad demand to remove and or suspend the excise tax on fuel.
“Dapat ikonsidera na ng gobyernong Marcos ang pagtatanggal sa excise tax sa langis. Makakabawas ito sa mabigat na epekto ng lingguhang OPH sa mga presyo,” Mariano said.
In the long term, the repeal of the oil deregulation law is necessary. ###