Labor group seeks summit as inflation set to hit 3-year high of 7.4%

MANILA, Philippines — Labor group Sentro ng mga Nagkakaisa at Progresibong Mangagawa (Sentro) has called for a national summit on the cost-of-living crisis as September inflation could reach 7.4 percent, its highest level in more than three years.

The Bangko Sentral ng Pilipinas (BSP) earlier forecast September inflation at 6.4 to 7.4 percent, up from 6.1 percent in August, amid higher food and fuel prices, weather-related disruptions and the depreciation of the peso.

READ: September inflation likely hit 3-year high, says BSP 

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In a statement on Wednesday, Sentro said the projected increase in prices was putting pressure on workers whose purchasing power had already been affected by rising costs.

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“This is a cost-of-living crisis. It is an income crisis,” the labor group said.

Sentro also pointed out that the P60 wage increase in the National Capital Region took effect only on Sept. 26, while workers outside the NCR were still waiting for their respective wage adjustments.

“The evidence is staring [the] government in the face: prices are rising because of food, fuel, weather, and global shocks—not because workers are earning too much,” the group said.

Sentro said the proposed summit should bring together government, workers, employers, farmers, consumers and experts to discuss the interconnected pressures on food, fuel and household incomes.

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The group said the summit should develop a comprehensive response to the rising cost of living and include commitments, budgets and timelines for government action.

“Government must come to the summit with commitments, budgets and timelines—and accept public scrutiny over whether those commitments are delivered,” Sentro said.

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“We cannot keep responding to a deepening crisis piecemeal, temporarily and reactively,” it added. /mr