In light of the escalating Israel-Hamas conflict and its potential impact on global prices especially oil and other commodities, Senator Christopher Go has called on the government to be vigilant in protecting consumer welfare.
Go cited the need to monitor prices and implement necessary interventions to mitigate the impact of inflation especially on the poor and vulnerable sectors.
“Global events have local consequences. We cannot afford to be passive spectators,” said Go.
The government, he said, has a moral and social obligation to protect the welfare of its citizens, particularly those who are most vulnerable.
He elaborated on the critical role of price monitoring in safeguarding consumer welfare.
“By keeping a close eye on market prices, we can preemptively identify and address potential issues before they escalate into full-blown crises,” Go stressed.
The World Bank has sounded the alarm on the ongoing Israel-Hamas conflict, warning that it could lead to significant price shocks on essential commodities like oil and agricultural products.
Coupled with the ongoing war in Russia and Ukraine, these global crises have created a volatile economic landscape that could have severe repercussions locally.
According to the World Bank, the future is uncertain with various scenarios that could unfold depending on global oil prices.
With this, Go emphasized the importance of being vigilant and proactive in navigating these economic uncertainties. He urged the government to lay down necessary measures to alleviate the burden on the poor.
Earlier, Go urged various government agencies to amplify and accelerate their interventions for the most affected sectors of society as the country grapples with the economic challenges posed by high inflation rates.
Go specifically urged the Department of Social Welfare and Development (DSWD) and the Department of Trade and Industry (DTI) to enhance their efforts in providing aid and support to Filipinos who are struggling to make ends meet.