BY TERESA D. ELLERA
Monday, July 9, 2018

NEGROS Occidental Third District Representative Alfredo Benitez cautioned the government to closely monitor and have mitigating measures to cushion the rising inflation in the country.

"Inflation is one thing that we have to closely monitor. We have to prepare ourselves. It is not necessarily internal factor because external factors affect our inflation," Benitez said.

We have to liberalize the Philippine economy and make sure of our economic environment, he said.

He said the inflation is due to the fuel shortage. The production of oil-producing countries is decreasing.

"If the peso devalues, it contributes to inflation and if we are not prepared in the future, we might have a very high inflation rate which is not good for our people," Benitez warns.

He also explained that the Tax Reform for Acceleration and Inclusion is not really the factor and has not caused this kind of inflation but rather external factors.

"That is why mitigating measures must be in place to cushion in the impact the rising price and shortage of fuels because it has the domino effect that causes the increase of prices of other products and services especially the basic commodities," Benitez explained.

A dollar now is nearing P54 and another fuel price hike is looming on Tuesday, July 10.

Benitez said that the economic provision of the proposed amendments to the Constitution must be given priority. (TDE)