A ranking solon who is well- versed in "budgeting" has told Filipinos to get ready to tighten the belts in the coming months amid what he described as "turbulent economic times".
“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," House Deputy Speaker and Davao City 3rd district Rep. Isidro Ungab said in a statement Tuesday, June 14.
Ungab is a former chairman of the House Committee on Appropriations, which is the panel that mainly handles deliberations on the National Expenditure Program (NEP). The NEP eventually becomes the General Appropriations Act (GAA) or national budget.
According to Ungab, Filipinos must wisely plan how to budget their income and expenses for the next months.
The Midnanao congressman said the Philippines must deal with a worldwide increase in inflation rate, skyrocketing gas prices, looming food shortage, prolonged Russia-Ukraine War, and on top of all these, another possible spike in Covid-19 infections.
Ungab urged Filipinos to explore and look for other sources of income, and to be innovative.
He acknowledged the growing concern of runaway prices of food and basic commodities, which are cumulatively outpacing wages.
Ungab recently aired his support for President-elect Ferdinand "Bongbong" Marcos Jr.’s plan to create a stimulus package in the 2023 national budget. He said this shows Marcos's clear determination to rebuild our 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 2023–2028, since it will become the basis of budgeting the expenditures in the coming months and years of the Marcos administration.