Government Increases Agri Production To Mitigate Inflation

The government is implementing various measures to ensure ample local production of basic goods, aiming to mitigate inflation, according to Finance Secretary Benjamin Diokno.

Highlighted was the use of monitoring and assessment tools, including remote sensing technology like satellites for monitoring corn and rice production.

The secretary participated in a sectoral meeting at Malacañang led by President Ferdinand R. Marcos Jr., where economic prospects for 2024 were discussed. Diokno explained, "We want to improve production and fill the domestic supply gap through timely and adequate importation based on ex-ante supply and demand analysis."

He emphasized applying science to anticipate economic needs and import requirements promptly, minimizing the impact on prices.

The finance chief highlighted the government's use of monitoring and assessment tools, including remote sensing technology like satellites for monitoring corn and rice production.

This technology enables rapid responses to adverse weather conditions and facilitates the implementation of the El Niño mitigation and adaptation plan.

Additionally, Diokno stressed the importance of protecting vulnerable sectors, particularly agriculture and transportation. He mentioned targeted interventions and subsidies for farmers, fisherfolks, and the transport sector to address the impact of inflation.

The government is also supporting the extension of reduced most-favored-nation (MFN) tariff rates for rice, corn, and pork under Executive Order No. 10.

Diokno shared that the country's headline inflation eased to 4.9 percent in October from 6.1 percent in September. He expressed optimism that the inflation rate would continue to slow down in December.

The Bangko Sentral ng Pilipinas (BSP) forecasted inflation to be within the range of two to four percent in the first quarter of the next year and around four percent by the second quarter, managing well within the target range for the next two years.

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