Gov’t Lays Out Countermeasures Against Increasing Oil Prices

Measures to alleviate the continuous rise of oil prices in the country are in place, according to a Bangko Sentral ng Pilipinas (BSP) official.

BSP Department of Economic Research managing director Zeno Ronald Abenoja noted in an online briefing in the central bank’s Facebook page that the effect of the continuous increase of oil prices in the country should be negated.

“What is important, we think, is that the government is pursuing firm measures to temper the impact, the negative impact of the increase in oil prices,” Abenoja said.

This comes as multiple transport groups filed petitions for fare hikes, coupled with the petition of the Trade Union Congress of the Philippines (TUCP) to increase the minimum wage hike in Metro Manila to PHP470 as consumers began to feel the adverse effects of skyrocketing oil prices in the country due to disruptions in the global oil market due to the Russian-Ukrainian conflict.

Officials from various government agencies and departments have other plans, however, as they have downplayed the need for hikes on transport fares and wage as they are recommending a four-day work week instead to alleviate the cost that the workforce shoulders weekly.

Furthermore, Abenoja said that there are no fare hike adjustments done in the government’s end, they are however, discussing the possibility of having a wage adjustment.

Moreover, the BSP executive added that the government will be opening the economy further to provide more opportunities as more economic activity takes place in the country. (GFB)