Inflation in the Philippines may climb between 3% and 4% this March, as rising fuel costs threaten to drive up prices of basic goods and services, Senator Win Gatchalian warned.
“I think maglalaro yan between 3 to 4%. But I don’t think it will reach the low end,” Gatchalian said during a press conference, noting the potential impact of escalating oil prices on the country’s overall inflation rate.
The senator’s remarks come ahead of another round of fuel price hikes scheduled for Tuesday, April 6. Oil companies are expected to implement sharp increases, with diesel prices projected to rise by ₱19.80 per liter, gasoline by ₱5.90 per liter, and kerosene by ₱9.10 per liter.
Gatchalian cautioned that such significant adjustments in fuel prices could trigger a chain reaction across various sectors, ultimately affecting consumers nationwide.
“Pag nakita natin malaki ang increase tomorrow, sigurado ako kakalat at kakalat yan sa mga produkto. Kaya dapat ready mag-intervene ang gobyerno,” he added.
Earlier, the Bangko Sentral ng Pilipinas (BSP) projected that March inflation could settle between 3.1% and 3.9%. The central bank attributed the expected uptick to higher petroleum costs, elevated rice and electricity prices, and the continued depreciation of the peso against the US dollar.
Analysts said the combined pressures from rising global oil prices and currency weakness may further strain household budgets, prompting renewed calls for government intervention to mitigate the impact on consumers.