Some opposition lawmakers from the House of Representatives have warned that the inflation rate would continue to spike if the administration of President Rodrigo Duterte will not repeal the Tax Reform for Acceleration and Inclusion (TRAIN) law.
The rate of increase in prices of basic commodities rose to 6.7 percent in September, the Philippine Statistics Authority reported Friday.
搁贰础顿:听
鈥淥ctober鈥檚 inflation rate may again increase due to the inflationary effect of the big time water rate hike as well as the continuous oil price hikes,鈥� Bayan Muna Rep. Carlos Zarate said in a statement.
The TRAIN law has imposed higher excise taxes on fuel products, cars, tobacco, and sugar-sweetened beverage. But it also increased the tax-free cap of 13th-month pay and other bonuses to P90,000, as well as the tax income exemption to P250,000.
Ifugao Rep. Teddy Baguilat meanwhile called on the government to suspend the implementation of excise taxes under the TRAIN law.
He added that the government should 鈥渃ompensate for diminished revenues with greater collection efficiency and serious anti-corruption campaigns in all offices including Malaca帽ang.鈥�
Gabriela Rep. Emmi de Jesus and ACT-Teachers Rep. France Castro meanwhile criticized the government鈥檚 so-called 鈥淩ed October鈥� plot to overthrow the President as a smokescreen to the worsening social conditions in the country.
鈥淩ed October could also mean people see red because of anger and rage on the impact of inflation鈥� Paano na ang majority of the population who are already in crisis?鈥� De Jesus asked.
Castro, for her part, said: 鈥淐onfirmed ang papalalang kahirapan ng sambayanan dahil sa bagong datos ng PSA sa inflation. Itinatago ng imbentong October Red ang tunay na kalagayan ng mamamayan.鈥�
The need for the P750 national minimum wage becomes more urgent amid the 6.7 percent rate of inflation, Anakpawis Rep. Ariel Casilao said.
鈥淭he impact of the inflation rate will be worse to these regions, higher prices combined with lower wages are hellish to poor families,鈥� he added.
But the government鈥檚 economic manager had downplayed the over nine-year high September inflation, saying the soaring prices of commodities would taper off by year-end. /muf
READ: Economic managers confident inflation will taper off by year-end