By Meanne Corvera
Eagle News Service
The Bangko Sentral ng Pilipinas on Tuesday, June 5, said the country’s inflation outlook “continues to be a concern and requires close attention.”
This even if BSP Governor Nestor Espenilla said that while the average inflation of 4.1 percent in the first five months of the year was still above the BSP’s 2 to 4 percent target for the year, it was “maybe not going to be as bad as some might think.”
“The Monetary Board will consider what further adjustments are necessary to firmly anchor inflationary expectations and ensure that the inflation target will be achieved in 2019,” Espenilla said.
But for some senators, the inflation rate should not have surged in the first place if the subsidies approved under the Tax Reform for Acceleration and Inclusion Law had been released early on.
“Poor families, students, drivers, commuters and others are already feeling the effects of increasing prices of fuel, commodities and services. Kailangan ng tamang ayuda para sa ating mga kababayan na nararapat at naaayon sa batas,” Senator Grace Poe said.
According to Poe, under Section 82 of the TRAIN law, jeepney drivers were entitled to discount vouchers and fare discounts; while minimum wage earners were entitled to rice.
She said low-income households, or almost 10 million families, were also entitled to a P200 subsidy.
She said she has asked the Department of Finance, the Department of Social Welfare and Development, the Department of Labor and Employment and the Department of Transportation to release the same.
Senator Bam Aquino for his part said he hoped to gain support for his measure that seeks to suspend the implementation of excise taxes on fuel if the inflation rate exceeds the targeted rate.
“At makakuha na po tayo ng rollback dito sa pagtaas ng presyo ng ating diesel, kerosene, at gasolina,” he said.
The government has rejected calls for the suspension of the TRAIN law, saying it will benefit Filipinos in the long run.
Under the law, taxpayers also enjoy income tax cuts.
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