Vice President Sara Duterte addressed the Filipino community in The Hague, Netherlands, on Wednesday, highlighting a severe economic crisis in the Philippines.
Duterte described the situation as a 'triple whammy' characterized by soaring fuel prices, high inflation rates, and an unfavorable exchange rate.
While engaging with Overseas Filipino Workers (OFWs), she expressed concern over the increasing economic pressures faced by many Filipinos.
What we’re facing is a triple whammy: extremely high fuel and oil prices, a very high exchange rate, and very high inflation.
Sara Duterte
Duterte emphasized the need for government assistance, particularly for the most vulnerable citizens struggling to afford basic necessities.
She warned that worsening economic conditions could lead some individuals to resort to crime, expressing a desire to prevent such outcomes.
In response to an OFW's inquiry about the euro-peso exchange rate, Duterte noted that the country's reliance on imports has exacerbated pricing issues.
The vice president also revealed that the government may be facing financial limitations.
There’s none left, sir.
Sara Duterte
Duterte mentioned that her office received a memo requesting an account of savings from all government agencies, indicating a tightening of resources.
While there has been no official confirmation that the government has completely depleted its funds, officials recognize fiscal constraints and are seeking to utilize existing savings.
In April, the Department of Budget and Management (DBM) ordered agencies to report on their savings to help fund relief efforts amid the ongoing oil crisis.