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PH inflation warrants ‘careful’ handling: Marcos

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President Ferdinand Marcos Jr.

FILE: President Ferdinand “Bongbong” Marcos Jr. speaks during the Change of Command Ceremony of the Presidential Security Group (PSG) at the PSG Grandstand in Malacañang Park, July 4, 2022. He praises the elite force for its courage, patriotism, and for serving the country. OFFICE OF THE PRESIDENT

MANILA – President Ferdinand “Bongbong” Marcos Jr. on Tuesday said the country’s rising inflation warrants careful handling and close monitoring.

Marcos made this remark after the Philippine Statistics Authority (PSA) announced that Philippine inflation climbed to a three-year high at 6.1 percent in June from 5.4 percent in May and 3.7 percent a year ago amid higher food and transport costs.

“We are having to be careful because essentially our economic policy right now monetary — our monetary policy right now is essentially to use interest rates to hold, to take control of the inflation rate,” he said in his first press briefing since being sworn in as president on June 30.

He said the government is not looking at specific exchange rates.

Earlier, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said the central bank may consider bigger interest rate hikes in August to tame inflation and support the peso.

He said they would consider gradually increasing policy rates more than the planned 25 basis points hike.

Marcos said inflation is driven by the increase in commodity prices which is “beyond our control.”

“Much of our inflation is actually imported inflation. It is imported because it is the inflation on the products that have suffered inflation that we import,” he said.

Inflation is the rate of increase in the prices of basic goods over a period of time.

It is usually happen when the supply of products or services can’t keep up with demand.

Increase in rice, corn production

As part of efforts to lower the prices of food, Marcos said the government plans to boost the production of staples–corn and rice.

“We will do it in the Department of Agriculture to boost production of rice and corn in the coming two quarters hanggang Pasko (until Christmas), until after Christmas,” Marcos, who is also concurrent Secretary of the Department of Agriculture, said.

He said this is necessary as the government prefers to “import as little as possible”.

“If we are able to increase production sufficiently…It’s not really an import substitution measure, it is a strategic food supply measure,” he added.

Marcos reiterated the need to prioritize the agriculture sector to address the looming food crisis in the country.

“That is why I made agriculture the highest priority of everything that we are doing. Because you cannot build a strong economy unless you have a foundation of a robust agriculture sector which assures food supply even in emergencies,” he said.

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4 Comments

4 Comments

  1. Ariel+villanueva

    July 6, 2022 at 11:02 AM

    Inflation is an inevitable problem that every nation faces, it is a problem of arise of price in our commodity and other essential goods.it is a kind of problem that is beyond our control even the president and all person working in the government and private sectors. To be honest I agree with president Marcos ‘choice of prioritizing more on the agriculture sector because like what he said “you cannot build a strong economy unless you have a foundation of a robust agriculture sector”. Agriculture sector has a vital function in each country since it provides the primary and basic needs for the people of each country specially our country the Philippines.aside from that “no country can stand if the economy is down”.

  2. Carl kenneth Balita

    July 6, 2022 at 2:15 PM

    Inflation is merely a big issue in the country aside from the fact of growing economic, still it doesn’t change the fact that it affect the country most especially people at low class.It affects financially and mentally as well. Hope that the government will continue to solve this matter.

  3. Cecille Moreno

    July 6, 2022 at 4:07 PM

    This means our agricultural sector really needs to be backed up by the government.With the newly elected president taking post on the Department of agriculture may he will finally find a solution this.There are instances that farmers need to throw away their produce because of over production.not knowing that if they had planted other crops which the coutry is short of,all their efforts would not go on to waste.I definitely agree Mr.President…that food sufficiency is the answer to our country’s inflation rate

  4. Judith Lovendino

    July 7, 2022 at 1:30 AM

    Dapat lang talaga matutukan ang Agricultural sector.Sobrang struggle nila sa nakaraang administrayon sana ang pumalit gumawa naman ng difference and iuupo sa Agriculture Deparment at may alam at hindi tulad ng iba na nag OJT pa sa kanilang posisyon.

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