Nganga! Duterte’s do–nothing administration to blame for spiraling inflation – Arroyo’s economic adviser
The economic adviser of Speaker Gloria Macapagal-Arroyo is blaming the do-nothing economic managers of President Rodrigo Duterte for the surge in inflation rate to 6.4 percent, the highest since she was still president in 2009.
Albay Rep. Joey Salceda claimed that inflation surged higher than expected in August because Duterte’s economic managers were frozen on the sidelines and did nothing to stop the continuous hike in prices of rice, other food items, and oil.
“This was largely self-inflicted because we did little or nothing. We can no longer blame market opportunists profiteers and rice hoarders,” said Salceda in a statement.
Salceda said the only notable measure the government did in August was to increase interest rates by 50 basis points or a half a percent to douse demand and tame inflation. But Salceda said this would only impact inlfation in six to 18 months.
When inflation hit a five-year high at 5.7 percent in July, Arroyo, on the advice of Salceda, suggested radical moves to stem the surge in inflation from imposing zero tariffs on imported fish, corn and vegetables and feed wheat to rein in inflation. Salceda even claimed that Duterte would issue an executive order implementing the zero tariffs.
But Arroyo later disowned Salceda’s proposals when local farmers raised a howl of protest. Salceda’s proposal received zero support from the Cabinet.