Former Department of Finance (DOF) Secretary Gary Teves suggested that the Philippine government consider postponing this year’s ASEAN Summit to redirect funds toward pressing domestic needs amid global and national economic pressures.
In an interview with DZRH, Teves estimated that deferring the summit could save around ₱17 billion, citing the Tokyo Olympics in 2020 as precedent when the event was delayed due to the pandemic.
He emphasized that consultations with fellow ASEAN members would be necessary to ensure legal and diplomatic compliance.
Teves also discussed the impact of the peso’s depreciation to ₱60 against the US dollar, which has driven up the cost of imported food and fuel.
He warned that consumers are the “biggest losers” as commodity prices continue to rise.
He further cautioned that inflation could reach 7.5% if current trends persist, given the heavy weight of food and fuel in the commodity basket.
According to Teves, households are bearing the brunt of the crisis as wages fail to keep pace with soaring prices.# (JCNE)
