GMA on 6.4% inflation: I’ve had a more alarming situation as President

GMA on 6.4% inflation: I’ve had a more alarming situation as President

Everybody is sounding the alarm as against the present administration.

There is no need to panic, if your gonna ask House Speaker and former President Gloria Macapagal- Arroyo.

Data from the Philippine Statistics Authority (PSA) showed the country settled at the 6.4% last month, more than the Central Banka and the Department of Finance projected 5.9%. This is a record high for the last 9 years.
House Speaker Gloria Macapagal Arroyo( photo credit to PDI)

Budget Secretary Benjamin Diokno was quoted in saying that the inflation is expected to taper off in the last quarter

“Hopefully, this is the peak of inflation,” Diokno told reporters when asked if last month’s figure will be the highest for 2018.

House Speaker Gloria Macapagal-Arroyo made public her expressed confidence that President Rodrigo Roa Duterte and his economic planners could solve the record high 6.4 percent August inflation, saying she experienced “ a more alarming” situation during her term as President.

“The government is doing what it can to address it… I have had a more alarming situation at 6.6 percent and I was able to solve it in a few months time so there can be a solution,” she told reporters during the National Youth Commission oath taking of Chairman Ronald Cardema.

GMA wanted to base her suggestions on data, then during her term she was faced with a situation to solve a 6.6 percent March 2009 inflation and she was able to solve it by massive rice importation and massive buying of rice from local farmers.

“I remember in my time, in March of 2009, the inflation was 6.6 percent but by June, it was down to 1.5 percent. So conceivably, even a sharp increase can be resolved. But we have to analyze what’s driving it and therefore how to address what’s driving it,” she explained.

“A lot of measures were taken, combination, but maybe the single biggest factor was the massive importation of rice together with buying massively with the local farmers,” she added.

Speaker Arroyo names five major drivers on inflation namely: exchange rate, rice, fish meat, and oil.

She also said that the Tax Reform for Acceleration and Inclusion (TRAIN) Law contributed “ a very very small portion’ to the inflation.

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