Just like what his critics are saying that President Rodrigo Duterte is so obsessed in his war against drugs but neglected the war against poverty and hunger, Duterte gave his first straightforward caveat on the real economic situation in the country.
He asked the public to brace for more difficult times once prices of petroleum products are raised again in the world market and he seemed resigned by saying that the Philippines hardly has any economic weapon to combat it.
While he was considering to suspend the excise tax, the President admitted that the nation has been plagued from steady inflation and an impending increase in world oil prices can only put an additional burden on Filipinos.
The prices of petroleum products which have been unbated and skyrocketing for thge 9th consecutive weeks willl continue to see an upward trend during the end of the year as winter season approaches and the demand for oil grows.
In his previous speeches, Duterte lamented that the Philippines is not blessed with oil unlike its neighbors. Having said this, Duterte reiterated his frustration in Bali, Indonesia where he attended the Association of Southeast Asian Nations (Asean) Leaders’ Gathering.
“The world cannot move because oil is everything. There’s not enough solar power to run this country,” Duterte told early Friday after arriving in Davao from Bali, Indonesia.
“This is not the end of the story, guys. Sabihin ninyo panahon ko talagang maghirap. If things will move forward in accordance with the present calculations now, talagang sa panahon ko maghirap tayo. Kung mag-wala kayo, ‘di lahat na tayo. Mag-wala na tayong lahat kasi ako apektado rin. Iyan ang problema ngayon,” he said.
He said it would be difficult for countries, like the Philippines, which do not have their own oil reserves, saying oil producing countries would not worry about it.
Read related stories:
DOF says fuel excise tax suspension won’t lower oil prices
http://thephilbiznews.com/2018/10/11/dof-says-fuel-excise-tax-suspension-wont-lower-oil-prices/
P1 per liter on gas price added, Senator Gatchalian calls for a hearing
P1 per liter on gas price added, Senator Gatchalian calls for a hearing
Pump prices of petroleum products up again for 8th cosecutive weeks, to hit P60 per liter
Pump prices of petroleum products up again for 8th cosecutive weeks, to hit P60 per liter
Duterte’s approval and trust ratings sink as prices of commodities go up
Duterte’s approval and trust ratings sink as prices of commodities go up
After blaming US President Donald Trump, Duterte now blames oil prices for high inflation
http://thephilbiznews.com/2018/09/25/after-blaming-us-president-donald-trump-duterte-now-blames-oil-prices-for-high-inflation/