Former Finance Secretary Gary Teves has proposed postponing the Philippines’ hosting of this year’s ASEAN Summit, saying the move could free up billions in public funds for more urgent domestic needs.

In a radio interview, Teves said deferring the summit could save around P17 billion, which the government could redirect to programs addressing inflation and other economic pressures. He noted that major global events have been rescheduled before, citing the 2020 Tokyo Olympics as an example.

“They have to look into the legality and diplomatic concerns. At least they can reach a consensus by consulting their ASEAN counterparts on whether to reset this first,” Teves said in Filipino.

He stressed that any decision would require coordination with fellow ASEAN member states, noting that consensus is essential to maintaining diplomatic ties. He added that other countries may also welcome a delay to focus on their own domestic priorities.

Teves also raised concerns over the weakening peso, which has hovered near P60 to the US dollar, warning that Filipino consumers are bearing the brunt of rising costs.

“Consumers, particularly the average household, are affected because prices of goods—especially food—will increase,” he said in Filipino, noting that the Philippines relies on imports for roughly a quarter of its food supply.

He said inflationary pressures are building, with rates approaching the upper end of the Bangko Sentral ng Pilipinas (BSP) target range. While inflation has remained relatively low in recent months, Teves warned it could rise significantly if current trends persist.

“Inflation refers to a basket of commodities, which includes oil and food. These two carry the biggest weight,” he said in Filipino.

He emphasized that rising prices are hitting households harder because wages are not keeping pace with the cost of living.

“The impact is magnified because wages are not increasing in proportion to the rise in prices of goods,” he added.

On proposals for wage hikes, Teves backed the role of regional wage boards, saying localized adjustments are more appropriate given varying economic conditions across the country.