MANILA – An economist emphasized on Wednesday that the 6.4 inflation rate in August would mean hunger to ordinary Filipinos.
“Sa ordinaryong mamamayan, mangangahulugan po ito ng kagutuman at marami din po ang mawawalan ng bahay dahil tumataas ang presyo ng renta, presyo ng ating mga pagkain,” Emmanuel Leyco said in an interview with GMA News.
Leyco is an associate professor at the Asian Institute of Management’s Department of Finance, Accounting and Economics.
Inflation in August was the fastest in over nine years since it came in at 6.6 percent in March 2009.
It is also faster than the 5.9-percent forecast of the Bangko Sentral ng Pilipinas (BSP), which cited a range of 5.5 to 6.2 percent.
Leyco reiterated his previous call to suspend the excise tax on fuel as it contributes to the higher prices of basic commodities.
“Para ma-assure ang merkado, kailangang maging determinado ang ating polisiya mula sa pamahalaan. Unang-una, ang pinakakongkretong gawin ng pamahalaan ngayon ay suspendihin na ang excise tax. Ito ay isa sa pangunahing nagdudulot ng pagtaas ng presyo ng bilihin,” Leyco said.
The central bank said in a separate statement that prices of rice, energy, and transport were mainly responsible for higher-than-expected inflation rate last month.
“Meron pong mga konkretong factors, kagaya po ng pagtaas ng presyo ng gasolina at pagtaas ng presyo ng ating inaangkat,” Leyco noted. (GMA News)