Lawmaker Says Directives of Marcos Gave Financial Relief to Consumers

Camarines Sur Representative LRay F. Villafuerte has mentioned that President Marcos’ directives were able to give instant financial relief to consumers by postponing scheduled increases in the cost of monthly expenses.

“We commend the President and his economic team for providing instant financial relief at the onset of 2023 to Filipino consumers continuously reeling from the mostly imported elevated inflation with the twin directives designed to keep at bay the impending price spirals in basic foodstuff like rice, corn and pork and the rate adjustment in the monthly premiums of PhilHealth [Philippine Health Insurance Corp.] members,”

Last December 20, President Marcos Jr. issued Executive Order 10 which extends the temporary modification or reduced import tariff rates on coal, corn, rice, and pork meat until December 31, 2023, intending to soften the blow of inflation, expanding supply, and lessening the cost of key commodities.

This was endorsed by the Committee on Tariff and Related Matters (CTRM) under the National Economic and Development Authority (NEDA), the EO issuance was given its approval by the NEDA board after its meeting with the chairman, President Marcos Jr.

Rep. Villafuerte also serves as the National Unity Party’s President. He mentions that after the meeting with NEDA Secretary Balisacan, the decreased tariff rates would give opportunities for the government to enlarge the local food supplies, diversify food sources, and mitigate the effects of inflation.

Inflation has been on the rise due to increased prices of oil and petroleum items on the world market, logistical issues from the Ukraine – Russia war, and the effects of the pandemic.

Source: Business Mirror