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Gov't urged to expedite release of P500 monthly subsidy

PNA file photo MANILA - The chairperson of the House Ways and Means Committee on Wednesday urged the government to expedite the promised relief, including the targeted cash subsidies of PHP500 for low-income families, to help them cope with rising prices of goods and oil prices. In a statement, Albay Representative Joey Salceda said the inflation rate for March at 4 percent is still cause for government action to provide relief to the poorest households, even as "the rate turned out to be still within the target range." "It's at the cusp of breaking the target range, so it should definitely be treated as a trigger for more government action to provide relief," Salceda said. He said the House of Representatives is ready to provide the necessary appropriations cover, or the necessary policy support. "I also anticipate second-round effects to set in in other commodities, although as oil prices have begun to stabilize, I am cautiously hopeful that inflation wil ....

Pantawid Pasada , Bangko Sentral , Karl Kendrick Chua , Joey Salceda , Department Of Science , Philippine Statistics Authority , Means Committee On , House Ways , Means Committee , Albay Representative Joey Salceda , Pna File Photo Manila The Chairperson Of House Ways And Means Committee On Wednesday Urged Government To Expedite Promised Relief , Ncluding The Targeted Cash Subsidies Of Php500 For Low Income Families , O Help Them Cope With Rising Prices Of Goods And Oil Ina Statement , Lbay Representative Joey Salceda Said The Inflation Rate For March At 4 Percent Is Still Cause Government Action To Provide Relief Poorest Households , Ven As Quot The Rate Turned Out To Be Still Within Target Range It 39s At Cusp Of Breaking , O It Should Definitely Be Treated Asa Trigger For More Government Action To Provide Relief , Uot Salceda Said He The House Of Representatives Is Ready To Provide Necessary Appropriations Cover , R The Necessary Policy Support Quoti Also Anticipate Second Round Effects To Set In Other Commodities , Lthough As Oil Prices Have Begun To Stabilize , I Am Cautiously Hopeful That Inflation Will Not Be Significantly Worse Over The Coming Months , Uot Salceda Said Quot Whilei Expect Some Slowing Down Or Even Month On Disinflation In Oil Prices This April , He Prices Will Still Be High Quot Salceda Cautioned The Government That Next Commodity Increases May Come From Baked Goods , S Wheat Shortages Are Expected In May Due To The Russia Ukraine Conflict Quot We Should Still See It That Have Adequate Buffers Of , S That Will Be The Next Commodity See Significant Price Increases Due To This Global Situation , Uot He Said Is Talking With Concerned Government Agencies On The Matter , Oting That The Department Of Science And Technology Is Promoting Wheat Substitutes He Also Recommended Fortifying Bread With Other Vitamins Minerals ,

Policy rate hike in H2 still in offing as PH inflation rises

MANILA - A policy rate hike in the second half of 2022 remains in the horizon for monetary authorities as the jump in inflation rate last March to 4 percent is expected to continue in the coming months. The BSP's key policy rates have been slashed by a total of 200 basis points in 2020 as part of the central bank's measures to help buoy the domestic economy from the pandemic and the rates were again kept steady by the central bank's policy-making Monetary Board (MB) during its meeting last March. During the Philippine economic briefing on Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the MB sees that the current level of policy rates is "appropriate given increased uncertainty surrounding the outlook for both inflation and growth." "However, latest data including the latest inflation number this March suggest that inflation will remain elevated in the coming months," he said. The rate of price increases in the third month this ....

Benjamin Diokno , Bangko Sentral , Department Of Agriculture , Monetary Board , Governor Benjamin Diokno , Finance Secretary Carlos Dominguez , Manilaa Policy Rate Hike In The Second Half Of 2022 Remains Horizon For Monetary Authorities As Jump Inflation Last March To 4 Percent Is Expected Continue Coming Months Bsp 39s Key Rates Have Been Slashed Bya Total 200 Basis Points 2020 Part Central Bank Measures Help Buoy Domestic Economy From Pandemic And Were Again Kept Steady By Making Board Mb During Its Meeting Philippine Economic Briefing On Tuesday , Angko Sentral Ng Pilipinas Bsp Governor Benjamin Diokno Said The Mb Sees That Current Level Of Policy Rates Is Quot Appropriate Given Increased Uncertainty Surrounding Outlook For Both Inflation And Growth However , Atest Data Including The Latest Inflation Number This March Suggest That Will Remain Elevated In Coming Months , Uot He Said The Rate Of Price Increases In Third Month This Year Rose To 4 Percent After Being Steady At 3 Previous Two Months Average Inflation First Quarter Stood , Ithin The Government 39s 2 4 Percent Target Band Mb Adjusted Last March Central Bank Average Inflation Projection For This Year From 3 7 To , Nd The 2023 Forecast From 3 Percent To 6 With Expectations Of Further Acceleration Inflation Rate In Coming Months Due Part Impact Russia 39s Invasion Ukraine , Hich Resulted To Upticks In Prices Of Oil And Other Commodities The International Market , Iokno Said Quot The Bsp Must Be Prepared To Take Action Prevent Price Pressures From Broadening And Becoming More Entrenched , Hich Could Translate To Second Round Effects Quot For This Reason , He Bsp Is Keepinga Watchful Eye On Emerging Developments To Ensure That The Monetary Policy Stance Remains In Line With Our Primary Mandate Of Price Stability We 39 Re Prepared Take Pre Emptive Action As Needed If Inflation Expectations Become At Risk Becoming Disanchored , Uot He Said Diokno Reiterated That Quot The Bsp 39s Decision On Monetary Policy Will Remain Data Dependent Timing Of Disengagement Strategy , I Think We 39 Re Still On Track Despite The Russia Ukraine Crisis Looking At Second Half Of Year For Our Normalization Strategy , Uot He Said During The Same Event , Inance Secretary Carlos Dominguez Iii Said The Geopolitical Issues Between Russia And Ukraine Quot Is Going To Bea Drag On Our Economy But As You Know , E Are Quite Well Prepared To Handle This , Uot He Said Dominguez There Is No Shortage Of Commodities Like Fuel , Nd Wheat Despite The Russia Ukraine War Quot It 39s Actually Anticipation Of Shortages That Are Driving Up Prices Affecting Us Negatively But We 39 Re Confident Since Our Agriculture Production In Philippines , Articularly For Our Staple Food , His Constant , Specially Our Rice ,