THE National Economic and Development Authority (Neda) has revealed additional fiscal measures being studied by the government to help Filipinos cope with soaring commodity prices.

Neda acting director general Augusto Santos told reporters that the separate boards of the Government Service Insurance System (GSIS) and the Social Security System (SSS) are studying the possibility of condoning loan penalties.

Santos said this measure, coupled with the passage of the law exempting minimum-wage earners from paying their income tax, would play significant roles in helping Filipinos cope with high prices.

“We decided to let the respective boards of the GSIS and SSS to study and consider the proposal which was made by labor-sector representatives two to three days ago,” Santos said.

The condonation of fees would mean, Santos said, that around 1.4 million GSIS members and 27.75 million SSS members will be spared from loan surcharges.

If the GSIS and SSS will approve the condonation of penalties or the surcharges paid by members for unpaid loans, no matter how small the amount is, it will be a significant help especially for minimum wage earners who are already having a difficult time making ends meet.

Apart from these measures, the government is also open to support a decrease in corporate income tax to 25 percent from 35 percent. This measure is still pending in Congress.

“This can be supported for as long as it will generate more benefits and increased tax revenues [among others],” Santos said.

The Neda chief said that while these measures would put further pressure on the government’s budget, especially with the goal of balancing the budget this year, the government can afford to shoulder these expenses.

Santos said the government will be able to keep up with the costs with the proceeds from the sale of government assets and the increase in collection efficiency.

“We will still be able to achieve a balanced budget, but we can afford these costs. We will also not avert from the macroeconomic targets set for this year,” Santos told reporters.

Earlier, the Cabinet urged regional tripartite wage boards to consider increasing wages of Filipino workers by either increasing the basic pay or the Cost of Living Allowance (Cola) to help them cope with soaring commodity prices.

Santos assured that a wage hike at this time would not cause the country’s inflation rate to increase. He explained that the current inflation rate is driven by short supply rather than high demand.

He also said the wage hike will be able to cushion some dampening on personal-consumption expenditure due to high commodity prices. He said the government expects some belt-tightening on the part of consumers.

“There will be more belt-tightening [in the sense that] some less important expenditures must be forgone in place of more important expenditures such as food,” Santos said.

FLOUR millers have decided to pitch in to help the poor cope with the increase in food prices by launching a program to sell affordable bread in the bagsakan centers of the Department of Agriculture (DA).

THE National Economic and Development Authority (Neda) has revealed additional fiscal measures being studied by the government to help Filipinos cope with soaring commodity prices.

THE Department of Agriculture (DA) is eyeing to expand the government’s subsidies to farmers to encourage them to use hybrid-rice seeds to boost palay yields, and eventually stabilize the retail prices of rice in the long term.

THE Department of Trade and Industry (DTI) is cool to the proposal creating a separate Office of the Philippine Trade Representative (OPTR) and just called for the strengthening of its international trade-relations unit instead.

MANILA Water officials are insisting on getting a P195-million development cost refund for the frozen P2-billion Carmen bulk-water project, originally seen as a medium-term answer to the perennial water shortage problem in Metro Cebu.

IN 1970, a senator from the United States organized the first Earth Day. His vision was a nationwide grassroots demonstration on behalf of the environment.