The number of poor Filipinos will increase 2.58 million this year if the food inflation rate persists, said House Appropriations Committee Senior Vice Chairperson Stella Quimbo of Marikina City.
“With an 11.2 percent food inflation rate that we are currently experiencing, madadagdagan ng 2.58 million ang bilang ng mahihirap na Pilipino sa buong taon kung magtutuloy-tuloy ang inflation at this level. Kaya’t magandang malaman kung meron ba dapat baguhin o idagdag sa ating mga poverty reduction programs na nakasama na sa 2023 GAA ,” Quimbo said.
“An increase in prices of commodities affects the collection of value-added taxes. The BESF indicates that a one percentage point increase in inflation yields an additional P30.4 billion pesos in revenues per year or about P2.53 billion per month. Applying this parameter, dahil nagtaas ng halos 5 percentage points ang inflation from the original 4 percent target, dapat nakalikom ang pamahalaan ng additional P11.
She is correct there will be more poor if the food inflation rate persists. We solve the problem by increasing production, sourcing our production inputs locally, and use of non dollar denominated import contracts. This will limit exposure to the Fed's interest rate increases.
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