GMA gives Duterte 3 ways to lick inflation
House Speaker Gloria Macapagal Arroyo has proposed at least 3 economic measures that would cushion the impact of rising inflation which surged to 5.2 percent last month..
During a Development Budget Coordination committee meeting on Tuesday, Arroyo discussed inflation mitigation measures with Secretaries Benjamin Diokno of Budget, Ernesto Pernia of the National Economic and Development Authority, and Carlos Dominguez of Finance.
These measures are:
1) Cutting tariff on fish imports to zero
2) National Food Authority to purchase 500,000 metric tons of well-milled rice with staggered deliveries over 5 to 6 months period
3) Bangko Sentral ng Pilipinas (BSP) to raise an additional 25 basis point hike on its key rates on top of the the two 25-basis points implemented to stop speculation.
Arroyo expects these measure to reduce inflation by 1.8 percentage points.
President Rodrigo Duterte had previously given the thumbs up to Arroyo’s rise as Speaker because he expected her to give him pointers on addressing inflation. (PNA)