Inflation in the Philippines may have accelerated yet again in February, with the month’s average expected to range between 8.5 percent and 9.3 percent, according to the BSP, exceeding January’s fresh 14-year high of 8.7 percent. | RonWDomingoINQ /PDI
Price pressures
In the same hearing, Budget Secretary Amenah Pangandaman told lawmakers that P646 billion of this year’s national budget that is earmarked for major social services is intended to help alleviate the impact of inflation on low-income households. Pangandaman said that, most notably, the 2023 General Appropriations Act allocates P3 billion for the Fuel Subsidy Program — 20 percent larger compared with the 2022 funding — which is aimed at cushioning the impact of high oil prices on thousands of public utility vehicle drivers.
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