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Pres Duterte tells public to brace for worse economic woes, blames global oil prices for inflation

buddywbuddyw PEx Influencer ⭐⭐⭐

Duterte tells public to brace for worse economic woes, blames global oil prices for inflation

President Duterte asked the public to brace for more economic hardships, saying the country is not a rich oil-producer that continues to rely on costly imported fuel which causes the sharp rise of local consumer prices

“Sabihin nila, ‘Ano ‘to si Duterte? Bakit ‘yung pandesal niya kasing laki na lang ng monggo?’ Ano bang magawa ko? Wala nga tayong oil eh. [They say, ‘What’s with Duterte? Why is the bread as small as a bean? What can I do? We have no oil],” Duterte said during a press conference in Davao City.

“This is not the end of the story, guys. Sabihin ninyo panahon ko talagang maghirap. [You say we will suffer during my time]. If things will move forward in accordance with the present calculations now, talagang sa panahon ko maghirap tayo. Kung magwala kayo, ‘di lahat na tayo. Magwala na tayong lahat kasi ako apektado rin. Iyan ang problema ngayon [we will really suffer under my term. If you lose it, we’ll all lose it because I am also affected. That’s the problem today],” he said.

The President lamented that the Philippines is not one of the fortunate nations given with oil resources. He noted that the country largely depends on imported oil, whose rising prices have driven the soaring inflation.

“Ang problema ngayon, Indonesia, Malaysia and Brunei, to their maybe good fortunes meron silang oil. Tayo po wala. [The problem now is Indonesia, Malaysia and Brunei to their maybe good fortunes have oil but we have none],” he said.

“Marami silang oil. Hindi sila dependent. Tayo, sabi ng Pilipino, inflation. Correct. There is inflation,” he said.

Duterte admitted that there would be inflation spike if oil prices will continue to escalate.

“I must give you the warning now. ‘Pag magtaas ‘yang oil, you can be sure next week mag-announce na naman ng price increases. Because oil is everything. The world cannot move. There’s not enough solar power to run this country,” he said.

“‘Pag nag-increase pa ‘yang mga y*** na… ‘Pag nag-increase ‘yan ng presyo, bukas, tatamaan tayo. [When prices increase tomorrow, we will be hit again],” he added.

The President earlier raised the possibility of the government suspending the fuel excise taxes to tame the country’s rising inflation. “Maybe,” Duterte said during a press conference in Malacañang last Tuesday, when asked if the government would suspend the excise taxes on petroleum products.

He noted that Finance Secretary Carlos Dominguez III would look into the possible P2 reduction of the fuel excise taxes.

Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, the government could suspend the next increase in fuel excise taxes if Dubai crude hits $80 per barrel for a period of three months.




Comments

  • Kent_21OKent_21O Member PEx Expert 🎖️
    Honest president indeed.
  • buddywbuddyw PEx Influencer ⭐⭐⭐

    Pres Duterte: PH economy on an upward trajectory


    BALI, Indonesia-–President Duterte boasted to his fellow Southeast Asian leaders that the Philippine economy is now on an uphill climb.

    Duterte made the statement during the Association of Southeast Asian Nations (ASEAN) Leaders’ Gathering in Nusa Dua, Bali Thursday afternoon.

    In his remarks, Duterte proudly said that the improvement on the Philippine economy only means that the ASEAN is right on track in achieving its sustainable development goals.

    “Are we on track towards achieving the objectives we set for ourselves? The indications are encouraging. For the Philippines, our economy is on an upward trajectory of growth,” he said.

    “My government continues to work hard to build and strengthen our enabling investment environment,” he added.

    According to Duterte, the Philippines is investing in its future by looking to innovation and resiliency in its trade and investment policies.

    “We have embarked on an ambitious ‘Build, Build, Build’ program that can support domestic consumption and cushion the impact of decreased external demand,” he said.

    “We are unrelenting in our resolve to ensure a peaceful, secure and stable environment that protects the greater common good,” he added.

    Dark clouds loom

    Despite the good development, Duterte said that ASEAN still has many challenges to face before it becomes truly sustainable.

    “There are dark clouds looming on the horizon. They warn us of real challenges that we must face,” he said.

    “Escalating trade tensions and protectionism threaten to undermine the gains we have achieved in the economic front,” he added.

    Aside from trade tensions, Duterte also said that natural calamities is taking its toll on governments that have limited resources, and citizens with less capabilities to handle disasters.

    Duterte also said that terrorism and violent extremism, and transnational crimes such as the illegal drugs trade lure the disadvantaged into destructive alternatives to genuine development.

    “We have no other option but to confront these challenges head on. To do so, we must be prepared to invest in ourselves,” he said.

    “We must do more. We have to work together,” he added.

    A stronger ASEAN

    According to Duterte, only a stronger ASEAN can effectively deal with regional and global economic powerhouses. He also said that ASEAN countries should look at each other as economic partners and intensify trade and increase direct investments within the region.

    “Only a more stronger ASEAN can take on opportunities that are only available to the many that work together,” he said.

    “We need to continue looking outward. We need to deal with an interconnected world economic order,” he added.




  • buddywbuddyw PEx Influencer ⭐⭐⭐

    TRAIN is Duterte admin’s 'best Christmas and New Year’s gift' to Filipino people - DOF


    MANILA, Dec. 19 – President Duterte’s signing into law of the landmark Tax Reform for Acceleration and Inclusion Act (TRAIN) is the government’s “biggest Christmas and New year’s gift” to the Filipino people as it will usher in “real positive change” for the nation beginning in 2018, according to Finance Secretary Carlos Dominguez III. 

    "The congressional passage of the first package of the TRAIN, which President Duterte signed into law on Dec. 19, is a “sign of maturity” for the Philippine economy that is now ready to meet the challenges of fixing the structural problems and inequities in taxation while generating more revenues to usher in real positive change for the Filipino people," Dominguez said at the signing rites for Republic Act No. 10963 at Malacañan Palace. 

    Describing the approval of the TRAIN as “an important milestone in our history, Dominguez noted that this was the first time that a tax reform bill was passed by the Congress that was not in response to a crisis or to any external pressure.  

    "The TRAIN, which provides for personal income tax (PIT) exemptions for the first P250,000 of taxable income, along with other significant PIT cuts for other tax brackets, provides Filipino taxpayers with “much-needed relief” after 20 years of no adjustment on the rates," he said.

    Dominguez said preliminary computations show that the government would be giving “almost P150 billion” back to the people in the form of tax relief under the TRAIN.

    Hence, he said, “This is the biggest Christmas and New Year’s gift that the Duterte administration is giving to the people.” 

    "At the same time, the TRAIN also raises “significant revenues” to fund the President’s priority and social infra programs to reduce poverty from 21.6 percent to a targeted 14 percent by 2022," Dominguez said.

    Seventy percent of the incremental revenues under the TRAIN will help support the government’s infrastructure modernization program, which will also include strengthening the country’s military and law enforcement capabilities, while 30 percent will go to social services to fund, among other anti-poverty measures, a targeted cash transfer program for the poorest 10 million households.

    “I think it’s a sign of maturity for our country. It is also the first of five packages that will once and for all start fixing the structural problems of the tax system that has become unfair, complex and inefficient. This tax reform will also raise the revenues needed to make real positive change for our people,” Dominguez said.  

    Unlike the enactment of the Expanded VAT law in 2005, which was done to stave off a fiscal crisis under the then-Arroyo administration, the TRAIN was passed at a time when the country is buttressed by strong macroeconomic fundamentals, a sound fiscal policy and a high GDP growth rate that has made the Philippines one of Asia’s fastest-growing economies.

    “So it’s the first time we have done a tax reform without any pressure from the outside, no crisis, no external pressure,” Dominguez said.

    “I don’t think this ever happened before. Never in the past has the government given up revenues. We have here almost P150 billion, first time ever. First time that we did a tax reform without anybody forcing us to do it. So I am saying that we are making history,” Dominguez said.

    Under the approved TRAIN, the inflationary impact of the measure initially estimated at 0.9 percent will slightly go down to 0.7 percent, which would  have an even more minimal effect on food, electricity and transportation costs.

    Dominguez said earlier that the approval by the Congress of the TRAIN Package 1 will put the Duterte administration “on track to meet its revenue targets as the final approved version adopted is equivalent to about two-thirds of programmed incremental revenue under the TRAIN. 

    "The balance of one-third is expected to be passed by the Congress in early 2018," he said.

    This remaining one-third involves provisions on the estate tax amnesty, a general tax amnesty, the proposed adjustments in the Motor Vehicle Users Charge and amendments to the bank secrecy law and automatic exchange of information.

    Besides the revenue enhancing measures of adjusting the excise taxes on fuel and automobiles and broadening the value-added tax base, the final ratified version also includes tax administration reforms such as a mandatory fuel marking program and a system that would enable the Bureau of Internal Revenue (BIR) to check real time the financial submission of large taxpayers, “which will further improve the performance of our revenue-generation agencies.” 

    The TRAIN was finally ratified as one of the last acts of the Congress on Dec. 13 before both chambers started their traditional yearend break, or a year and three months after the DOF introduced its original tax reform proposal in the House of Representatives. 

    The D​OF​ submitted to the House its original TRAIN proposal in September 2016, which was later modified and introduced in the chamber by the House ways and means committee chaired by Quirino Rep. Dakila Carlo Cua as House Bill (HB) 4774. It was later consolidated with other tax reform-related measures as HB 5636. 

    This House version was finally approved by the House before the adjournment of the first regular session of the 17th Congress in May 2017.

    The Senate ways and means committee chaired by Sen. Juan Edgardo Angara began the deliberations on the TRAIN, which was filed in the chamber by Senate President Aquilino Pimentel III as Senate Bill (SB) No. 1408, on March 22. 

    The Senate started conducting plenary debates on the revised measure, SB 1592, on Sept. 23 and finally approved it with substantial amendments on Nov. 28. (DOF)



  • Plantation BoyPlantation Boy PEx Influencer ⭐⭐⭐
    Pres Duterte tells public to brace for worse economic woes, blames global oil prices for inflation.

    Inflation is not caused by high oil prices or trade wars. Inflation is caused by the government that keeps on printing money!
    The only way to stop inflation is to stop printing Philippine money without resources, gold or production to back it up!

  • i_am_belisariusi_am_belisarius PEx Rookie ⭐
    ^
    Did you take econ 101?
  • hsusonhsuson PEx Influencer ⭐⭐⭐
    edited October 2018
    Pres Duterte tells public to brace for worse economic woes, blames global oil prices for inflation.

    Inflation is not caused by high oil prices or trade wars. Inflation is caused by the government that keeps on printing money!
    The only way to stop inflation is to stop printing Philippine money without resources, gold or production to back it up!

    What school did you go to? :D

    Inflation can be caused by many factors:

    1.  Good economy
    2.  Weakening of currency
    3.  Shortage/Hoarding of commodities
    4.  Increased prices of commodities
    5.  Expansion of money supply
    6.  High tariffs
    7.  Increased taxation
    8.  Booming population
    9.  Cut in interest rates
    10.  Higher wages
  • sargosargo PEx Influencer ⭐⭐⭐
    Duterte's incompetence and failure on full display here. he does not want to solve it, he does not know how to solve it, Duterte just warns the public of difficulties 

    buddyw said:

    Duterte tells public to brace for worse economic woes, blames global oil prices for inflation

    President Duterte asked the public to brace for more economic hardships, saying the country is not a rich oil-producer that continues to rely on costly imported fuel which causes the sharp rise of local consumer prices

    “Sabihin nila, ‘Ano ‘to si Duterte? Bakit ‘yung pandesal niya kasing laki na lang ng monggo?’ Ano bang magawa ko? Wala nga tayong oil eh. [They say, ‘What’s with Duterte? Why is the bread as small as a bean? What can I do? We have no oil],” Duterte said during a press conference in Davao City.

    “This is not the end of the story, guys. Sabihin ninyo panahon ko talagang maghirap. [You say we will suffer during my time]. If things will move forward in accordance with the present calculations now, talagang sa panahon ko maghirap tayo. Kung magwala kayo, ‘di lahat na tayo. Magwala na tayong lahat kasi ako apektado rin. Iyan ang problema ngayon [we will really suffer under my term. If you lose it, we’ll all lose it because I am also affected. That’s the problem today],” he said.

    The President lamented that the Philippines is not one of the fortunate nations given with oil resources. He noted that the country largely depends on imported oil, whose rising prices have driven the soaring inflation.

    “Ang problema ngayon, Indonesia, Malaysia and Brunei, to their maybe good fortunes meron silang oil. Tayo po wala. [The problem now is Indonesia, Malaysia and Brunei to their maybe good fortunes have oil but we have none],” he said.

    “Marami silang oil. Hindi sila dependent. Tayo, sabi ng Pilipino, inflation. Correct. There is inflation,” he said.

    Duterte admitted that there would be inflation spike if oil prices will continue to escalate.

    “I must give you the warning now. ‘Pag magtaas ‘yang oil, you can be sure next week mag-announce na naman ng price increases. Because oil is everything. The world cannot move. There’s not enough solar power to run this country,” he said.

    “‘Pag nag-increase pa ‘yang mga y*** na… ‘Pag nag-increase ‘yan ng presyo, bukas, tatamaan tayo. [When prices increase tomorrow, we will be hit again],” he added.

    The President earlier raised the possibility of the government suspending the fuel excise taxes to tame the country’s rising inflation. “Maybe,” Duterte said during a press conference in Malacañang last Tuesday, when asked if the government would suspend the excise taxes on petroleum products.

    He noted that Finance Secretary Carlos Dominguez III would look into the possible P2 reduction of the fuel excise taxes.

    Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, the government could suspend the next increase in fuel excise taxes if Dubai crude hits $80 per barrel for a period of three months.





    and the #16MillionIdiots keep saying Duterte is such a great president, much like this one : 

    Kent_21O said:
    Honest president indeed.



  • gotta lick itgotta lick it PEx Influencer ⭐⭐⭐

    EDUCATION and HEALTH CARE will be sacrificed and not BUILD, BUILD, BUILD if the Petroleum TRAIN Excise TAX will be deferred.



    Department of Finance Secretary Carlos Dominguez !!!

    RESIGN!!! RESIGN!!! RESIGN!!!

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