Friday, July 4, 2008

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Subject:[kgma] Statement of Cabinet Sec. Ricardo Saludo about the High Inflation
Date:Friday, July 04, 2008 4:37:54 AM
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Statement of Cabinet Secretary Ricardo Saludo: High inflation shows
need for cooperation to hold down prices

The Arroyo Administration achieved the lowest annual average inflation
of 5.5 percent till 2007, compared with previous administrations since
1986 but unbridled global oil and food price spikes have bring back
double-digit inflation, last seen a decade ago.

The current surge underscores the importance of ongoing
government-sectoral cooperation to curb price hikes.

The DOTC (Department of Transportation and Communications) and the DOE
(Department of Energy) have worked with transport groups to crack down
on kotong and colorum (that have been) hurting jeepneys, and have
offered P500M in loans to convert diesel engines into more economical
LPG (Liquefied Petroleum Gas) motors.

The DA (Department of Agriculture) is working with farmers, local
governments and lending bodies to boost rice production through FIELDS
(fertilizers, irrigation, seeds, etc.) initiative.

The P4B in oil VAT (value-added tax) is providing P2B assistance to
poor power consumers, P1B in student scholarships and loans, along
with engine and light bulb conversion funds; plus Pantawid Pamilya
cash aid and low-cost medicines and health insurance give further
relief to the indigent.

We must join hands to rein in prices.

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