NATIONAL
Advocates Philippines
PBBM Admin Intensifies Efforts To Curb Inflation
Photo credit: RTVM
President Ferdinand R. Marcos Jr.'s administration is implementing a comprehensive strategy to battle inflation, according to Finance Secretary Benjamin Diokno.
Following a sectoral meeting at the Palace, discussions centered on bolstering local production to bridge domestic supply gaps and ensure timely importation based on rigorous supply and demand analyses.
Diokno emphasized the ‘scientific’ approach, stating, "We apply science to anticipate the gap between the economy's needs and what we must bring in. This is done promptly to minimize price impact."
The government is leveraging technology, including remote sensing via satellites, to monitor and assess market developments, particularly in corn and rice production. This approach aims to enhance responses to adverse weather conditions, expediting the implementation of the El Niño mitigation and adaptation plan.*
Highlighting the significance of targeted interventions, Diokno stressed protecting vulnerable sectors such as agriculture and transport. Specifically, he mentioned providing subsidies to farmers, fisherfolks, and the transport sector to shield them from the impacts of inflation.
The government is also actively supporting the extension of reduced most-favored nation (MFN) tariff rates for rice, corn, and pork, as outlined in Executive Order No. 10. Recent data indicates a positive trend, with headline inflation decreasing to 4.9 percent in October from 6.1 percent in September.
Diokno expressed optimism, citing the Bangko Sentral ng Pilipinas' forecast that inflation will further ease to a range of two to four percent in the first quarter of the next year. He added that despite potential fluctuations, the inflation rate is expected to stabilize within the target range of two to four percent for the next two years, ensuring effective management of economic challenges.
Following a sectoral meeting at the Palace, discussions centered on bolstering local production to bridge domestic supply gaps and ensure timely importation based on rigorous supply and demand analyses.
Diokno emphasized the ‘scientific’ approach, stating, "We apply science to anticipate the gap between the economy's needs and what we must bring in. This is done promptly to minimize price impact."
The government is leveraging technology, including remote sensing via satellites, to monitor and assess market developments, particularly in corn and rice production. This approach aims to enhance responses to adverse weather conditions, expediting the implementation of the El Niño mitigation and adaptation plan.*
Highlighting the significance of targeted interventions, Diokno stressed protecting vulnerable sectors such as agriculture and transport. Specifically, he mentioned providing subsidies to farmers, fisherfolks, and the transport sector to shield them from the impacts of inflation.
The government is also actively supporting the extension of reduced most-favored nation (MFN) tariff rates for rice, corn, and pork, as outlined in Executive Order No. 10. Recent data indicates a positive trend, with headline inflation decreasing to 4.9 percent in October from 6.1 percent in September.
Diokno expressed optimism, citing the Bangko Sentral ng Pilipinas' forecast that inflation will further ease to a range of two to four percent in the first quarter of the next year. He added that despite potential fluctuations, the inflation rate is expected to stabilize within the target range of two to four percent for the next two years, ensuring effective management of economic challenges.
Nov 28, 2023
