A House deputy speaker on Tuesday said Filipinos should be prepared and must wisely plan on how to budget their income and expenses for the next several months, as the country braces itself for turbulent economic times ahead.
This is the economic alert warning of House Deputy Speaker and Davao City 3rd District Rep. Isidro T. Ungab, saying a worldwide increase in inflation, skyrocketing gas prices, looming food shortage, prolonged Russia-Ukraine war, and on top of all these, another possible spike in Covid-19 cases is projected.
“We foresee difficult times ahead…and it is up to us if we can safely ride it through and survive or go unprepared and succumb to the strong financial distress, being experienced globally,” Ungab warned in a news statement.
While Filipinos tighten their belts, Ungab said, they should also explore and look for other sources of income and become innovative in times like this.
At present, Ungab said the rise in prices of food and basic commodities is outpacing wages, which is becoming a growing household concern.
Ungab has recently aired his support for President-elect Ferdinand R. Marcos Jr.’s plan to set a stimulus package in the 2023 national budget.
Ungab, a former House Appropriations chairman and former banker, said a stimulus package would show the President-elect’s clear determination to rebuild the country’s economy.
“I urge everyone to unite and help the incoming administration. Let us come together and work for our country to be able to overcome these economic woes and adversities,” Ungab said.
Apart from the government’s plan to manage the rising inflation, Ungab recommends for the incoming administration to prepare and update the Medium-Term Philippine Development Plan for 2023 to 2028, since it will become the basis of budgeting the expenditures in the coming months and years of President-elect Marcos’ administration.