Presidential bets discuss how they would deal with price increases due to Ukraine invasion

The presidential bets at CNN Philippines' debate on Sunday were asked what they would do to prepare for the rise in the prices of goods and basic commodities due to Russia's invasion of Ukraine.

Disruptions in supply of oil and gas are expected due to sanctions placed on Russia, one of the world's top oil and gas producers. The day Russia launched its invasion, oil prices surged, with Brent rising above $105 a barrel for the first time since 2014.

Oil price increases result in increases in the prices of food and other commodities.

Four of the presidential hopefuls were given the opportunity to reply to the question, "If you are president, how will you prepare the country for the increases in the prices of basic goods and commodities?" 

Senator Panfilo Lacson cited government subsidies for the public transportation sector and the farmers under the 2022 national budget.

“Mabuti na lang mayroon tayong special provision sa General Appropriations Act sa 2022 na kung saan kapag umabot ng $80 [per barrel] ang average sa loob ng tatlong buwan, puwede magbigay ng subsidy ang gobyerno at yan ang ginagawa ng government,” he said.

Lacson said that the current administration is planning to release P2.5 billion for the transportation sector and P500 million for the agriculture sector.

The senator also mentioned the effect of the Russia and Ukraine conflict on Philippines-European Union trade.

“Ang ating trade sa European Union ay €1.2 billion… ‘Pagka nagkagulo-gulo medyo malaki ang problema natin,” Lacson noted.

Labor leader Leody De Guzman said the price of oil products, which has already been increasing in the past weeks and months, will be affected by the invasion.

"Sa usapin ng langis, sigurado 'yun tataas eh gawin nating... alisin natin 'yung batas tungkol sa deregulation law ng ating industriya ng langis para magkaroon ng pakialam ang gobyerno na panghimasukan ang pagtatakda ng presyo ng produktong petrolyo," he said.

De Guzman said appeals should be made before Russia to stop the attacks as this may result in a "full-blown war."

Vice President Leni Robredo said that the Philippine president should be vigilant and "have the foresight to anticipate the problem."

"Yung supply ng oil maaapektuhan tayo. Tulad ng sinabi ni Senator Ping, dapat may fuel subsidy at automatic suspension of excise tax. Ang mababawas, P10 per liter," she said.

"We should also monitor sources of power: bantayan natin ang presyo ng kuryente, paano mapapababa. Iyong implementation ng VAT, tignan natin iyong kinakarga sa atin na dapat kinakarga."

Robredo added that the government should subsidize distribution charges, saying that this could cut costs by as much as P600 per family.

She also urged promoting other sources of power within the country.

"Iyong supply ng kuryente dapat asikasuhin kasi ang Malampaya, by 2024, malapit na maubos. Maraming pending service contracts ang dapat asikasuhin, at dapat maghanap ng indigenous sources of electricity," she said.

Businessman Faisal Mangondato, meanwhile, said the country is not prepared for the rise in prices of basic goods due to the tension between Russia and Ukraine.

The Katipunan ng Kamalayang Kayumanggi’s presidential bet said the Philippine economy is “weak,” adding that the country should side for peace among all states.

“Dahil mahina po ang ating ekonomiya dito sa ating bansa...apektadong-apektado po tayo dito sa Pilipinas dahil tuwing pagtaas ng gasolina ay lahat ng ating bibilhin sa market ay lahat yan tumataas,” he said.

“At hindi handa ang ating mga kababayan na magkaroon ng ganyan situwasyon na yung ating ekonomiya ay hindi stable dapat po tayo ay pumanig sa katahimikan sa lahat ng mga estados dito sa ating mundo,” he added.

Only three of the nine presidential bets present at the debate—former Foreign Affairs undersecretary Ernesto Abella, Manila Mayor Isko Moreno, and businessman Faisal Mangondato—believe that the Philippines should remain neutral on the Russia-Ukraine conflict.

Another presidential hopeful, Bongbong Marcos, did not attend the debate. — BM, GMA News