NEDA readies measures to cushion inflation in Bicol

FILE: Agnes Espinas Tolentino (Photo: NEDA Region 5/Facebook)

LEGAZPI CITY — National Economic and Development Authority (NEDA) officials in Bicol brushed aside gloomy prospects following a surge in inflation, saying that contingency measures are in place to cushion the effects of rising prices.

Agnes Espinas Tolentino NEDA regional director in an interview on Monday said consumers should not be alarmed because agricultural products are available at prices lower than in other regions. She cited that prices of rice, meat and other food products in Bicol are much lower than in Metro Manila and in Mindanao.

Tolentino said, “we are not moving toward a crisis situation as food prices and supply (are) sustainable.” “We start to be worried and be alarmed when there is no more supply in the market,” she lamented.

The creation of a joint task group that will stay on top of price and supply movements of agricultural products in the region was also revealed.

The task group will include the Department of Agriculture and its attached agencies, Department of Trade and Industry, Department of Justice, Department of Finance, the Philippine National Police as well as local government units. It is mandated to take legal action against hoarders, cartels, smugglers and economic saboteurs.

Meanwhile, Elena delos Santos, DA regional director assured that there is no shortage of supply of agricultural products in Bicol.

She said fish production has increased by 75,000 metric tons or 1.32 percent during the second half of the year. Delos Santos said that since last year to date the agency has recorded a 120 percent fish sufficiency.

She, however, said that prices of the commodity remain high because fish caught in Bicol are sold elsewhere, putting a pressure on supply.

Delos santos also reported a 26.7 percent price increase for vegetables due to freight and fuel costs. She stressed that “chopsuey vegetables” sold in the local market all came from Baguio.

Delos Santos added that Bicol had consistently attained rice sufficiency level since 2011.

The National Food Authority (NFA) in Bicol said that there are 2.9 million bags of imported rice good for 75 days, which are now stored in warehouses in the region. NFA has close to 2,000 accredited rice outlets across the region selling rice at P27.00 per kilo. Consumers are now allowed to buy 5 kilos of NFA rice a day, she added.

Meantime, Cynthia Perdiz PSA regional director said the 9 percent inflation rate, which placed Bicol in the top rank of inflation-hit regions, are due to the following factors: the Train Law that breached 15 percent level; supply and demand; the Peso rate’s drop against the Dollar.

Perdiz allayed fears of consumers saying that the inflation rate is computed using a formula that is based on a six-year period beginning in 2012. She said if it were computed on a month on month basis, inflation rate would only a 1.5 percent.

Perdiz said, “that since June of 2017 to January 2018, it has recorded negative inflation during the 7 month period.”