Filipinos must tighten their belts to brace for the looming global recession in the coming months, a House leader warned on Tuesday.
Deputy Speaker and Davao City 3rd District Rep. Isidro Ungab said Filipinos should be prepared and must plan on how to budget their income and expenses, as the country faces a worldwide increase in inflation rates, skyrocketing fuel prices, looming food shortage, and the prolonged Russia-Ukraine War.
Ungab said on top of all these, another possible spike in COVID-19 cases is projected, as the government raised the possibility of reverting to a stricter Alert Level 2 in Metro Manila.
The congressman was a former Davao City councilor, economic analyst, development bank manager, and consultant to various financial institutions before getting elected to the House in 2007.
“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,” Ungab said in a statement.
He suggested Filipinos should also explore other sources of income and become innovative in challenging times like this.
A University of the Philippines Los Banos graduate with a degree in Agricultural Economics, the lawmaker noted that the rise in prices of food and basic commodities is outpacing wages, which is becoming a growing household concern.
Ungab supported President-elect Ferdinand Marcos Jr.’s plan to set a stimulus package in the 2023 national budget, which he said shows the incoming administration’s determination to rebuild the 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, the Davao solon also recommended for the incoming administration to prepare and update the Medium-Term Philippine Development Plan for 2023 – 2028.
This will become the basis of budgeting the expenditures in the coming months and years of the incoming Marcos’ administration, he noted.
Leyte Rep. Martin Romualdez earlier said the next Congress will prioritize the passage of Marcos Jr.’s legislative agenda, including a stimulus package to help the country recover from the effects of the coronavirus pandemic.
Romualdez, who is the top contender for the Speakership in the 19th Congress, said they are eyeing the passage of a Bayanihan-type of legislation to be called Bayan Bangon Muli.
“It will allow the incoming President to harness the resources available to him during this closing period of 2022 and address the measures that are needed for the pandemic, hopefully endemic, stage of this Covid issue, and of course, to harness whatever remaining resources to stimulate the economy and to reinvigorate it for the betterment of all,” Romualdez said.