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UP professor Emmanuel de Dios compares Philippine economic leaders to Murder's suspects on the Orient Express & # 39; of Agatha Christie – they are all 'guilty'
MANILA, Philippines – The June 2018 inflation rate has even exceeded all forecasts, targets and market expectations, after jumping to 5.2%
. to be held responsible for the tip? And how can we tame inflation in a decent range?
Emmanuel de Dios, a professor at the University of the Philippines (UP), called on the government not to take responsibility.
De Dios said economic managers should at least recognize that the law on tax reform for acceleration and inclusion (TRAIN) has something to do with the flight of the day. Inflation
"It is futile for the DOF (Department of Finance) to say that TRAIN is only responsible for 0.4% of the But who is in charge of the economy? Di ba silang lahat (Is not that all?) De Dios said in a forum on democracy and governance on Thursday, July 5.
"If you read [19659009] Murder on the Orient Express, ganoon ang nangyayari dito (that's what happens here). Deos added:
He also criticized the government for raising money through tax reform, but being unable to spend it so quickly. As expected.
"Once the government has misclassified priorities, you could end up wasting [funds]," said De Dios
Even higher inflation is imminent.
The inflation figure was announced the same day as the [# Peep jeepney provisional price forecast took effect in Metro Manila, Calabarzon and Central Luzon .
The Manila Electric Company (Meralco) also referred to an increase in production costs due to the power shortage last June and the further depreciation of the peso.
The Autonomous Region of Muslim Mindanao (ARMM) which posted 7.7%.
Consumers ask: how much more?
Ernesto Pernia, Secretary of Socio-Economic Planning attributed the higher inflation of the ARMM to poor infrastructure in the region. Pernia noted that the government is trying to solve this problem through the Build Build Build program.
Pernia also said that he hoped that inflation will not increase further in July, and assured Filipinos that the government is doing its best to stabilize prices.
The National Authority for Economic Affairs and Development (NEDA) coordinates with agencies such as the Land Transportation Regulatory and Franchising Council (LTFRB) regarding increases and impact on the economy in general. Trade union groups have also repeatedly lobbied for an increase in the minimum wage in order to ease the burden on workers. NEDA Under-Secretary for Policy and Planning Rosemarie Edillon said that they have discussed the issue with several regional wages boards.
For the last quarter of the year, Pernia hopes that inflation will decrease. But prices are historically high from October to December because people have more money to spend.
Pernia also said that the planned rice pricing law and the possible decline in oil prices on the world market could tame inflation during this period. (READ OUT: Rice prices skyrocket as Duterte marks the second year of its mandate)
BSP re-evaluates politics
The Bangko Sentral ng Pilipinas (BSP) has previously raised its rates 3.5 point interest rate to 3.5% tame inflation. Raising interest rates encourages people to save in banks instead of spending their money, and thus helps to mitigate inflation.
However, Pernia suggested that the BSP may have been behind the curve.
[the] is the best addressed to BSP, "he said.
In a message to reporters, BSP governor Nestor Espenilla Jr. said:" the highest of .. "We will review and update our assessment of the situation and our expected inflation path, which will determine the strength and timing of our next monetary policy response to firmly anchor inflation expectations", he added.
The central bank indicated that it remained committed to ensuring that inflation reaches the goal of 2% to 4% "as soon as possible". – Rappler.com
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