The administration of President Ferdinand R. Marcos Jr. will continue the provision of cash transfers and fuel discounts as means to support vulnerable sectors in response to the impact of accelerating inflation.
According to the National Economic and Development Authority, the immediate relief will be done while the Philippines invests in climate-smart systems to build resilience and ensure food security.
“Our immediate priority is to continue supporting the most vulnerable sectors of the economy, hence, the cash transfers and fuel discounts will continue,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a media release.
“This will alleviate the effects of the sustained increase in commodity prices as a result of global headwinds as well as the recent typhoons which damaged our domestic production and disrupted food supply,” he added.
Tiniyak ng administrasyon ni Pangulong Ferdinand R. Marcos Jr. na magpapatuloy ang pamahalaan sa pagbibigay ng tulong sa mga sektor na lubhang apektado ng inflation o pagtaas ng presyo ng mga bilihin.
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— PTVph (@PTVph) November 4, 2022
The Philippine Statistics Authority (PSA) reported on Friday, Nov. 4, that inflation has accelerated to 7.7% in October 2022. This is higher than the 6.9% in November and the highest since December 2008.
The PSA said the higher figure is mainly attributed to higher food and beverage prices.
This is also amid growing external pressures due to the Russia-Ukraine war, COVID-19 pandemic impact, and weather disturbances that pushed prices up.
NEDA reiterated the need to further support the agriculture sector with pre-emptive measures to minimize the impact of natural calamities through climate-adaptive agricultural technologies.
“In addition, one of the priority legislative measures of the President is the creation of the Department of Water Resources that will oversee the use and supply of water, and mitigate the risks of water-induced disasters,” Balisacan said.
Meanwhile, the NEDA said the government is closely monitoring inflation and its pressures.
“We continue to prioritize and proactively manage these issues by providing immediate assistance and enabling timely imports to augment domestic food production, while building the resilience of families, communities and the economy,” Balisacan said.
