Senatorial candidate Jejomar Binay on Monday proposed several measures to mitigate the impact of higher fuel prices and inflation in the event of a prolonged conflict in Ukraine.
“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. This will be an additional burden on many of our countrymen as the suffering caused by the pandemic has not yet been alleviated,” he added.
Among the measures being proposed by Binay are fuel subsidies for public utility drivers and price ceilings on basic goods.
“We must enforce the price ceiling on basic goods. Erring traders must be punished immediately,” he said.
The former vice president also said cash and food subsidies should be made available for the poorest of the poor.
“We must prepare additional help for those who need it most, cash or food subsidies, and make sure they will receive it,” he said.
Binay said these measures would help sectors affected by the pandemic and the economic lockdowns who have yet to recover.
“We must be ready, proactive, to lessen the sufferings of our poor countrymen,” he said.
Binay is a former Makati City mayor who first served under the administration of the late former President Corazon Aquino. He is now running for senator in the May 9 elections under the United Nationalist Alliance (UNA).
He also is a guest candidate of presidential bets Leni Robredo, Panfilo Lacson, and Manny Pacquiao