Lawmakers expect that the inflation rate of the Philippines will rise due to the continuous oil price hikes caused by the ongoing conflict between Russia and Ukraine.
Marikina City 2nd District Rep. Stella Quimbo said on Wednesday, March 9, that the price increase on petroleum products will initially hit only the transportation sector and private vehicle owners.
However, Quimbo warned that the effects of the price hikes could also push up the cost of various services and goods.
"Halos lahat ng mga produkto kailanga ma-transport din. Halimbawa, yung mga nagbebenta ng gulay sa Baguio, siyempre dadalhin iyan sa Manila and to all other parts of the Philippines, so kailangan rin ng gasolina," Quimbo explained during DZRH's ACS Balita.
Sen. Panfilo Lacson also stressed that the inflation rate in the Philippines has yet to drop to acceptable levels.
"Ang inflation rate natin ngayon ay nasa 3.7, 3.3 percent na tayo. Ang acceptable na inflation rate ay dapat two percent lang. Malaki ang problema," Lacson told DZRH.
Lacson fears that the inflation rate will further rise if the Philippine government will approve a minimum fare hike to curb the impact of the increasing oil prices on the transportation sector.
