NextGen Day

To lessen the effects of global inflationary pressures and safeguard Filipinos’ purchasing power, the National Economic and Development Authority (NEDA) promotes the government’s subsidy programs and its initiatives to alter the nation’s farming and food systems.

According to a study released on Tuesday by the Philippine Statistics Authority, the country’s inflation rate significantly decreased from 6.4 percent in July 2022 to 6.3 percent in August 2022.

While the year-to-date inflation rate increased to 4.9 percent, this is still within the Bangko Sentral ng Pilipinas’ predicted range of 5.9 to 6.7 percent for the month.

“As a result of uneven recovery both within and between nations, supply systems are incredibly inefficient. This is anticipated to only last for a short while as markets adjust to the new supply and demand balance. The protracted Russia-Ukraine conflict and the nation’s weather disruptions, particularly La Nia, worsen the situation. These serve to amplify the low production in our agriculture sector, which requires prompt support, according to a statement from NEDA Secretary Arsenio Balisacan.

“Our first aim is to make sure that Filipino families, especially the underprivileged members of society, have access to enough and wholesome food. To control inflation and maintain the purchasing power of our customers, we will keep adopting solutions that cut the cost of transportation and logistics. To hasten our recovery and dramatically lower poverty in the nation, it is most necessary that we transform Philippine agriculture into a dynamic and productive industry, Balisacan continued.

The nation’s slower inflation of meat, fish, and vegetables partially countered the higher prices of food and non-alcoholic beverages.

This is a result of several government initiatives implemented, such as increased local pork production and timely importation of pork.

The government will continue to support agriculture through lower input costs, farming innovation, the expansion of financial assistance to farmers, and strengthening the agricultural value chain in order to increase domestic supply.

“In the short term, we need to increase the pace of the recovery while ensuring that the most underprivileged areas of the nation receive assistance. In order to increase productivity overall and in agriculture specifically, as well as to strengthen consumer and producer resilience, we must simultaneously invest in medium-term solutions, according to Balisacan.

The decline in major economies and other geopolitical issues continue to cloud the global outlook for oil.

The government is offering fuel discounts to farmers and fishermen to help lessen the impact of the high cost of fuel.

To lessen the effect of rising fuel prices, more than 158,000 qualified farmers and fishermen will receive each PHP3,000 in fuel savings.

As of August 17, 2022, 131,145 accounts for target beneficiaries had been set up nationwide, 120,827 of them with gasoline savings already loaded, and 42,084 cards had already been given out to maize farmers and fishermen across the country.

Additionally, PHP 1.4 billion in extra funds have been authorized for distribution by the Department of Budget and Management in order to support the continuation of the Libreng Sakay Program for all EDSA bus carousel riders through the end of the year.

This supports up to 50 million riders, including workers and returning in-person students.

“The government is still determined to act quickly and forcefully to ensure Filipinos can handle the rising living expense. Despite rising global oil costs, this is accomplished by offering targeted subsidies and guaranteeing an uninterrupted supply of products and services, according to Balisacan.

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