Metro Manila (CNN Philippines, October 11) — An economist-lawmaker called on the government to be more proactive in managing inflation and in providing assistance to Filipinos, especially farmers, amid the continued rise in food prices.
“We really need to manage our inflation. The biggest problem is food inflation,” Marikina Rep. Stella Quimbo told CNN Philippines’ The Source on Tuesday. “It’s important for the government to continue providing assistance so that food inflation can be stemmed.”
Quimbo said the government must continue giving fuel subsidies to farmers to control food prices.
“The government needs to be proactive, and they have been proactive in providing assistance to our farm producers. That has to be continued,” said Quimbo, who currently serves as vice chair of the House Committee on Appropriations.
“Food prices are high because of low supply. And because we have not really invested a lot in our agriculture sector, there is a lot of scope for improvement in terms of efficiency in agriculture production,” she added.
Quimbo noted that the significant increase in the budget of the Department of Agriculture for 2023 is “the most important step towards addressing inflation” for now.
By the end of June, or the start of President Ferdinand Marcos Jr.’s term, inflation breached 6% for the first time in 2022. Inflation mostly continued its ascent until it hit 6.9% in September, weeks away from Marcos’ 100th day in office.
READ: High prices still hounding Filipinos in first months of Marcos presidency
Quimbo assured, however, that there is no need to panic for now, as the government has sufficient tools to manage inflation.
“At this point in time, because we have sufficient tools and our economic managers are on it, they will be doing everything that they can to manage the situation,” the lawmaker said. “It’s not easy but they have I believe the tools to do so, and the credibility.”
On September 28, the House of Representatives voted on third and final reading the ₱5.268 trillion proposed budget for 2023, ₱184 billion of which is for the agriculture sector, a 39.2% increase from its 2022 allocation.
The Senate is hoping to pass its 2023 budget bill by mid-December.
