PRESIDENT Benigno Aquino III said he has instructed his economic managers to study all
possible measures that could ease the impact of high oil prices on vulnerable sectors.
The economic managers will consider things such as wage increase, price control, or even
deduction on value added tax (VAT), the President said in a chance interview at the sidelines of
an event at the budget department on Wednesday.
“I did instruct them to study all and every means of mitigating the spiraling oil prices especially
given the fact, that we don’t see a quicker solution to this. The first of the measures is
the ‘Pantawid Pasada’,” the President said.
The President said he expects the economic managers to come up with proposal as soon as
possible, or maybe next week, so he could decide if he’ll approve it.
Maintaining focus is important in addressing the needs of the most vulnerable sectors to ensure
that assistance are extended to them, according to the President.
At the same time, the chief executive expressed confidence that the country can weather the
crisis brought about by the increasing fuel prices as the government releases its previous
available savings.
The President also said that in the next few days the public will be hearing a lot more good news
as far as the economic field is concerned, including the country’s fiscal position. (PCOO)
