NextGen Day

To control the rise in commodity prices, the government’s top objective, according to Trade Secretary Ramon Lopez, is to increase the availability of food on the domestic market.

Lopez stated that the government’s plan to reduce inflation is to ensure there is a sufficient supply of food during the online discussion held by the Philippine Consulate General in New York on Friday.

Lopez stated that “from our end, we cannot control the oil prices.” “Supporting the agriculture industry is something we can do. To increase production, automate any form of assistance, such as machines. Additionally, fertilizers as well as other assistance plans for our farmers and fishermen.”

Lopez noted that while encouraging local agriculture to raise production, easing importation restrictions is a crucial short-term fix to boost the supply of goods on the domestic market.

“In our nation, importation is a significant problem. Many farmers are against this. But keep in mind that the government prioritizes the availability of food supplies and the prevention of additional price increases since we must feed 110 million Filipinos “said Lopez.

He suggested lowering tariff and non-tariff barriers to ensure that importation will assist reduce inflation.

These include steps that reduce or eliminate import taxes and ease the free flow of commerce.

In comparison to the United States’ inflation rate of 8.6 percent in the same month, the country was able to record an inflation rate in May that was under 5 percent thanks to these actions, the outgoing trade chief stated.

According to Lopez, the Ukraine-Russia war’s impact on oil prices, which also affected the international trade of other commodities like wheat, corn, and fertilizers, among others, is the primary cause of the world’s quicker inflation rate.

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