NextGen Day

MANILA, Philippines — According to the National Economic and Development Authority (NEDA), the administration has taken steps to counteract inflationary pressures brought on by the Russia-Ukraine war.

According to the Philippine Statistics Authority, headline inflation jumped to 4% in March 2022, up from 3% the previous month.

The stated inflation rate is in line with the consensus analyst projection of 4% and is within the expected range of 3.3 to 4.1 percent set by the Bangko Sentral ng Pilipinas.

The year-to-date inflation rate of 3.4 percent is likewise within the target range of 2 percent to 4 percent.

“We’ve been keeping a close eye on the consequences of the Russia-Ukraine conflict.” The Economic Development Cluster (EDC) offered remedies to control the impact on the economy and people as early as March 7, according to Socioeconomic Planning Secretary Karl Kendrick Chua.

Inflation rates for both food and non-food commodity groupings were higher in March 2022, resulting in quicker inflation.

Inflation in the food sector jumped to 2.8 percent in March, up from 1.1 percent in February.

Corn inflation, for example, remained high in March 2022, at 31.3 percent, as worldwide wars severely limited the world corn supply.

Food inflation was accelerated due to higher inflation rates for flour and bread, meat, fish, vegetables, and sugar.

Meanwhile, non-food inflation increased to 5% in March 2022, up from 4.1 percent the previous month, owing primarily to higher oil prices.

Inflation in the transportation sector jumped to 10.3 percent from 8.8 percent.

Expanding supply and lowering prices of pork by extending the lower tariff of 15% in-quota and 25% out quota with a minimum access volume of 200,000 metric tons until December 2022; accelerating the release of imported pork from cold storage; passing the proposed Livestock Development and Competitiveness Law and pursuing livestock value chain reform to address rising co2 emissions

Furthermore, nearly 158,000 corn farmers and fisherfolk who are enrolled under the Registry System for Basic Sectors in Agriculture will receive a gasoline subsidy of PHP3,000.

Chua stated that the government will offer unconditional cash transfers worth PHP500 per month to the poorest 50% of households to offset the impact of rising prices.

Furthermore, under the Pantawid Pasada program, around 115,000 public utility vehicle drivers and operators got PHP6,500 each.

“To mitigate the impact of rising oil and commodity costs, the government stands ready to assist consumers, commuters, public transportation drivers and operators, and agricultural producers.” As the number of instances of Covid-19 (coronavirus disease 2019) declines, we hope to raise the country’s alert level to 1 to provide Filipinos more opportunity to earn and provide for their families under inflationary pressures,” Chua said.

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