Economic managers will discuss oil price surge Monday —NEDA exec

The Duterte administration’s economic managers are set to meet on Monday to discuss how the soaring oil prices amid the Russia-Ukraine war will impact domestic commodity prices and craft immediate solutions to cushion its effects on the economy, a top official of the National Economic and Development Authority (NEDA) said Saturday.

“Lunes, maguusap-usap ang economic managers” (On Monday, the economic managers will have a discussion), NEDA Undersecretary Rosemarie Edillon said during the Laging Handa briefing.

Economic managers are the secretaries of NEDA, Department of Finance (DOF), Department of Budget and Management (DBM) as well as the governor of the Bangko Sentral ng Pilipinas (BSP).

With this, Edillon the NEDA, DOF, and BSP will have an exchange of analysis and estimates how the continued increase in oil prices will impact inflation this month.

“Titingnan namin kung ano ang lalabas sa aming estimates at kung ano ang dapat gawin dito. Once na makuha ang estimate, ano ang immediate na mabigay na solution —short-term, medium, long-term solutions,” she said.

(We will see what will come out in our estimates and what we can do about it. Once we have the estimates, what will be the immediate solutions —short-term, medium-term, long-term solutions.)

The NEDA official said the government’s economic team is monitoring how the rising oil prices will have an impact on food prices.

“Of course, ‘yung nangyayari sa Ukraine and Russia and then kung ano ang magiging epekto nito. Ano ‘yung pwedeng magawa ng pamahalaan para dito,” Edillon said.

(We are monitoring what’s happening in Ukraine and Russia and then what will be its effect. What the government can do about it.)

The economic managers have earlier expressed that the government is ready to provide targeted relief assistance to alleviate the impact of the recent spike in petroleum prices to affected sectors.

In particular, the government is preparing to release P2.5 billion for the Fuel Subsidy Program of the Department of Transportation (DOTr) to provide fuel vouchers to over 377,000 qualified PUV drivers who are operating jeepneys, UV express, taxis, tricycles, and other full-time ride-hailing and delivery services nationwide.

Apart from fuel subsidies for the PUVs sector, the DBCC said the Department of Agriculture (DA) has a budget of P500 million to provide assistance through fuel discounts to farmers and fisherfolk who either individually own and operate agricultural and fishery machinery or operate through a farmers organization or cooperative.

Edillon also reiterated that de-escalating the entire country under Alert Level 1 will help the economy absorb the impact of soaring fuel prices as production will be boosted and supply chain bottlenecks will be addressed.

NEDA chief Karl Chua earlier said the economy will gain P16.5 billion each week the entire Philippines is under Alert Level 1. 

At least 39 areas, including the National Capital Region, are placed under Alert Level 1 from March 1 to 15. —LBG, GMA News