ECONOMIC and finance officials of the government yesterday assured members of the House of Representatives that countermeasures implemented to rein in prices of basic commodities have delivered the desired results.
Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan told lawmakers that the approval of importation of rice and other agricultural products as well as the timely adjustment of interest rates have tamed inflation.
Both were in Batasan for the briefing given by the Development Budget Coordination Committee (DBCC) on the impact of inflation on national government programs, projects, and activities.
Likewise in attendance in the proceedings presided over by House committee on appropriations senior vice chairperson Rep. Stella Quimbo (Marikina City) were Finance Benjamin Diokno, Budget Secretary Amenah Pangandaman as well as officials from the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC).
Medalla said the government has succeeded in limiting inflation within the target of five months even as he admitted that the country’s interest rates is “higher than most Asian countries.”
Negros Oriental Rep. Jocelyn Limkaichong noted that inflation rate still hit 8.1 percent in December 2022 and 8.7 percent as of January 2023.
“Had we not increased the interest rate, imagine where it would be right now. The point is: not doing anything about interest rates is a bad idea,” Medalla pointed out.
On the other hand, Balisacan said rice importation, while unable to bring down the market price, had positive impact in deflating costs.
