Central Visayas and Zamboanga Peninsula are experiencing a troubling spike in inflation, prompting calls for urgent government action. Senator Francis “Chiz” Escudero has highlighted the need for immediate measures to alleviate the financial strain on families.
According to the Philippine Statistics Authority (PSA), the national inflation rate soared to a three-year high of 7.2 percent in April, a significant rise from 4.1 percent in March and just 1.4 percent a year ago. This surge is primarily attributed to increasing costs in food, transport, and housing.
We need immediate action so that the earnings of the family won’t be swallowed, especially in the Visayas and Mindanao where we have the highest inflation rates.
Senator Francis Escudero
Food inflation alone reached 6.1 percent, with rice prices climbing by 13.7 percent and corn by 21 percent. The cost of fish, seafood, and vegetables also saw significant increases. Transport costs jumped 21.4 percent, while housing-related expenses rose by 8.2 percent.
The PSA noted that April's inflation figures marked the second consecutive month exceeding the central bank's target range of 2 to 4 percent.
Central Visayas continues to be the inflation hotspot, recording a staggering 10.8 percent inflation rate in April, followed by Zamboanga Peninsula at 9.9 percent.
Escudero urged for enhanced coordination between fiscal and monetary authorities, emphasizing that households and farmers are disproportionately affected by rising costs.
The fight against inflation must be felt most in the regions where families are struggling to keep pace with rising costs.
Senator Francis Escudero
He expressed confidence in the government's economic team but stressed the necessity for a tighter alignment between the Department of Finance (DOF) and the Bangko Sentral ng Pilipinas (BSP) to formulate effective strategies.