Countless Filipinos Struggle Even More due to Middle East War Impact in PH
MIDDLE EAST WAR – Economist Sonny Africa claimed that the impact of the war may push 2-3 million Filipino families below the poverty line.
Another oil price hike is expected to cause the prices of diesel and gasoline to soar even more next week. It is anticipated amid the ongoing war between Iran and the United States and Israel which is entering its fourth week now.
The Middle East war transpired after U.S. and Israel previously launched airstrikes against Iran which led to the death of several Iranians including their Supreme Leader, Ayatollah Ali Khamenei. Iran said it will make U.S. regret the attack.
The Iranian government has kept the Strait of Hormuz close for U.S. and Israel. Amid the ongoing war, Iran warned the world to prepare for oil to be at $200 a barrel. The statement of an Iranian official came even after the stern warning of U.S. President Donald Trump.
U.S. Pres. Donald Trump who previously claimed that he ordered the airstrikes against Iran to stop it from acquiring nuclear power and allegedly destroying the world said that Iran may be hit much harder if it will disrupt the global oil supply. However, currently, several countries are struggling due to the high costs of oil because of the Middle East war.
The Philippines is one of the countries that is suffering from the soaring prices of oil. Pres. Bongbong Marcos previously assured the public that no one will be left behind amid the challenging situation.
The President also claimed that the government is already talking with other countries that could supply oil to the Philippines. There is a roll-out of fuel subsidies to help the public utility vehicle (PUV) drivers amid the high pump prices. Marcos Jr. also suspend the fair hike for the benefit of the commuters.
However, as for economist Sonny Africa, the impact of the Middle East war may push 2-3 million Filipino families below the poverty line. Based on a report of News5, the economist who is the executive director of IBON Foundation claimed that the inflation may allegedly double in the next months.
“Dahil sa liit ng suporta na binibigay ng gobyerno … siguro minimum, nakita natin ay 2 hanggang 3 milyong pamilyang Pilipino ay matutulak sa ilalim ng linya ng kahirapan sa mga darating na buwan,” the economist expressed.
Based on the report, Sonny Africa also believes that the Marcos Jr. administration must consider declaring a state of national emergency. According to him, it will expedite the response of the government to the massive increase in the costs of oil in the country.
“Kung mag-declare ng state of national emergency, nake-create actually ang legal basis din na magkaroon ng supplemental budget, na bilisan ang pagpapatupad ng mga batas tulad ng Price Control Act, but also more importantly, mag-generate ng bagong revenue sources,” he said.
Aside from the high fuel costs in the Philippines now, the Philippine Peso also dropped a historic low signifying the vulnerability of the economy. Senator Joel Villanueva even expressed his hope that the Peso will recover.
