Former Department of Finance (DOF) Secretary Gary Teves suggested that the Philippine government consider postponing this year’s ASEAN Summit, which the country is set to host, to help redirect funds toward domestic priorities amid ongoing global and local economic pressures.
Speaking on DZRH’s Special on Saturday (SOS), Teves cited potential savings of around ₱17 billion, drawing a parallel to how international events like the 2020 Tokyo Olympics were postponed during the COVID-19 pandemic.
He emphasized that any postponement would require consultation with fellow ASEAN members to ensure consensus and diplomatic propriety.
"They have to look into the legality at saka yung diplomatic concerns ng iba. At least mayroon silang konsensus na itanong muna yung kanilang Asian counterpart, ASEAN counterpart, kung papayag ba sila na i-reset muna natin," Teves said.
He added that ASEAN partners would likely welcome the extra time to focus on their own national concerns.
The Cost of Inflation
Teves also discussed the economic impact of the peso’s recent depreciation, currently hovering at ₱60 to US dollar.
He identified Filipino consumers as the "biggest losers," particularly because around 25% of the country’s food supply is imported. The weaker peso raises the cost of imported goods, and combined with rising oil prices, the financial burden on ordinary households is significant.
"Consumers po [apektado], yung ating average consumer dahil yung presyo ng bilihin, lalo na sa pagkain, ay tataas," Teves explained.
On inflation, Teves warned that rates are edging above the upper target of the Bangko Sentral ng Pilipinas (BSP), which is 4%. He noted that while recent months saw inflation at 1.7–2%, it has now risen to around 3%, and projections could reach 7.5% if current trends persist.
Teves further clarified that inflation is not just a simple percentage increase—it reflects a basket of goods, heavily weighted by oil and food prices, meaning that prices in local markets often rise faster than official averages.
“Kasi yung tinatawag na inflation yan, ito po ay basket of commodities eh. Kasamang oil at food. Pinakamalaki dyan ang timbang or weight, yung oil at food.”
“Sa inflation rate, kasi average na yan. Meron bumaba, meron tumaas.”
He stressed that the impact is magnified for Filipino families because wages are not increasing proportionally to rising costs.
“Lumalaki ‘yan [inflation] o na-mamagnify ‘yan dahil ang sweldo ng ating taumbayan ay hindi tumataas talaga in relation to yung pagtaas ng presyo ng ating bilihin.”
On calls for higher wages, Teves emphasized the importance of regional wage boards, noting that a universal increase could result in excessive pay hikes in some regions while leaving others undercompensated.
“Meron tayong regional wage board. Tama naman sa regional wage board kasi iba-iba naman ang sitwasyon [sa] bawat region. Kung gawin mong universal yan, meron mga region na sobra-sobra yung pagtaas ng minimum wage. Meron mga region na mababa.”
