Manila: The government has ramped up efforts to address price hikes caused by the impact of the Middle East crisis, among others, to help consumers, President Ferdinand R. Marcos Jr. said on Monday. 'Kumilos agad tayo upang pigilan ang mabilis na pagtaas ng presyo ng bilihin (We immediately acted to curb the rapid increase in the prices of goods),' Marcos said in his fifth State of the Nation Address at the Batasang Pambansa.

According to Philippines News Agency, the government urged banks and electronic wallet (e-wallet) providers to reduce the cost of online transactions. 'Kaya ngayon, maraming bangko at e-wallet na ang nagbaba o nagtanggal ng kanilang sinisingil na online transaction fee (As a result, many banks and e-wallet providers have reduced or eliminated their online transaction fees),' he said.

The President said banks have also extended loan payment grace periods, providing borrowers with additional time to settle their obligations. Banks now grant borrowers up to six months to defer loan repayments. For loans obtained for agricultural purposes, the payment grace period was extended up to one year.

Marcos stated that the Government Service Insurance System, Social Security System, and Pag-IBIG Fund have also extended relief measures to their members. 'Kahit paano ay nakaluwag ito sa mga konsumer, lalo na sa mga naghuhulog para sa kanilang pabahay, at sa mga nagpundar para sa kanilang negosyo. (This provided some financial relief to consumers, particularly those paying for their housing loans and those who took out loans to build or expand their businesses),' he added.