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Manila Bulletin devider Philippines devider Binay bats for fuel subsidies, price celings, financial aid for the poor amid Ukraine-Russia crisis

Binay bats for fuel subsidies, price celings, financial aid for the poor amid Ukraine-Russia crisis

Published Feb 28, 2022 12:40 pm

Former vice president and senatorial aspirant Jejomar Binay proposed on Monday, Feb. 28, several measures to mitigate the impact of higher fuel prices and inflation in the event of a prolonged conflict in Europe after Russia launched an attack against Ukraine on Feb. 24.

Russia, considered as the world's second largest producer of oil, was slapped with devastating economic sanctions by different countries around the globe, dealing a heavy blow to the distribution of oil to various countries, leading to the inflation of oil prices.

“A prolonged conflict in Ukraine would have adverse effects on our economy. Oil prices have been increasing, and if the conflict drags on, it would also lead to price increases of basic goods,” Binay said.

“This would be felt hardest by those who have yet to recover from the effects of the pandemic. Dagdag na pasanin ito sa marami nating kababayan na hindi pa rin naiibsan ang hirap na dulot ng pandemya (It is an additional burden to our countrymen who have yet to recover from poverty brought about by the pandemic),” he added.

Binay proposed the distribution of fuel subsidies for public utility vehicle (PUV) drivers and price ceilings on basic goods.

“Dapat mahigpit na ipatupad ang price ceiling sa basic goods. Yung magsasamantala, parusahan agad (There should be strict enforcement of price celings on basic goods. Those who will take advantage of it must be punished immediately)” Binay said.

He also said that cash and food subsidies should be distributed to the poorest of the poor.

“Kailangang maging handa, at maagap, para hindi madagdagan ang naghihirap (We have to be prepared to avoid greater difficulties),” Binay said.

Related Tags

Inflation oil Ukraine-Russia conflict Jojo Binay
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