DTI Secretary Ramon Lopez (File photo)
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez is optimistic that the country can withstand the current crisis in oil prices as the government rolls out policies and programs to mitigate the impact of the Russia-Ukraine war.
During the Kapihan sa Manila Bay Wednesday, Lopez said the Philippines was able to overcome crises post-World War II, which include the oil crises in 1973, 1997, 2005, and 2008, the Asian crisis in 1997, and the global financial crisis in 2008.
“We have gone through crises and the Philippines would always be resilient. We just continue moving forward while we try to mitigate the impact,” he said in mixed Filipino and English.
Although the government did not put on the table the discussion of suspending excise tax and value-added tax, particularly in petroleum products, Lopez said the administration vows to continue spending and increase funding in social protection programs to support vulnerable and critical sectors.
Among these policies and programs include shifting to Alert Level 1 in the entire country to increase mobility and support economic activities; doubling the fuel subsidies for public transport drivers and sectors of agriculture and fisheries; raising buffer stock for liquefied petroleum gas; suspending import duty on coal from most favored nation; and promoting energy conservation, among others.
Lopez said there are also policies, especially in agriculture sector, that aim to cushion impacts of soaring oil prices on food inflation, such as overall support to agriculture sector and other policies on rice, corn, fish, pork, chicken, and sugar.
As the country imports wheat from the embattled Ukraine, the government promotes non-wheat flour substitute developed by the Department of Science and Technology called “Sagip-nutri flour”, which is made from cassava, sweet, potato, and monggo beans that are locally grown.
The country will also expand sources of wheat like India. (PNA)
