Press Release - Bong Go bats for better consumer welfare protection amid existing and emerging global crises

In light of the escalating Israel-Hamas conflict and its potential impact on global prices especially oil and other commodities, Senator Christopher "Bong" Go has called on the government to be vigilant in protecting consumer welfare. The senator emphasized the need for monitoring price levels and implementing necessary interventions to mitigate the impact especially on the poor and vulnerable sectors.

"Global events have local consequences. We cannot afford to be passive spectators. The government has a moral and social obligation to protect the welfare of its citizens, particularly those who are most vulnerable," said the senator while elaborating on the critical role of price monitoring in safeguarding consumer welfare.

"By keeping a close eye on market prices, we can preemptively identify and address potential issues before they escalate into full-blown crises," Go explained.

The World Bank has sounded the alarm on the ongoing Israel-Hamas conflict, warning that it could lead to significant price shocks on essential commodities like oil and agricultural products.

Coupled with the ongoing war in Russia and Ukraine, these global crises have created a volatile economic landscape that could have severe repercussions locally.

"Sa mga panahon pong ito na marami tayong kinakaharap na economic issues, kabilang na ang inflation, kailangan nating magkaisa at kumilos agad para sa kapakanan ng ating mga kababayan, lalo na iyong mga pinaka-nangangailangan ng tulong at atensyon ng gobyerno," said Go.

According to the World Bank, the future is uncertain with various scenarios that could unfold depending on global oil prices. With this, Go emphasized the importance of being vigilant and proactive in navigating these economic uncertainties. He urged the government to lay down necessary measures to alleviate the burden on the poor.

"Kaya ang pakiusap ko sa mga ahensya ng ating pamahalaan, unahin po natin ang kapakanan ng mga mahihirap. Ang bawat piso ay napakahalaga para sa kanila," he said.

Previously, Go urged various government agencies to amplify and accelerate their interventions for the most affected sectors of society as the country grapples with the economic