TACLOBAN CITY — The surge in prices of basic commodities calls for stronger efforts to assist poor families in poverty-stricken Eastern Visayas region, said an official of the National Economic and Development Authority (NEDA).
NEDA Regional Director Bonifacio Uy told the Philippine News Agency (PNA) Wednesday that while high inflation rate is only temporary, it will have a profound impact on long-term anti-poverty programs if there will be no intervention for vulnerable families.
The Bangko Sentral ng Pilipinas (BSP) reported during the awarding rites here Tuesday that from January to July 2018, the region’s average inflation rate rose to 5.3 percent, more than the 3.4 percent recorded in the same period last year. For July alone, inflation surged to 5.9 percent from 3.2 percent a year ago.
Eastern Visayas posted the same rate as the National Capital Region during the first seven months, more than the 4.5 percent in the national level and the highest among three Visayas regions, according to BSP.
The region’s inflation rate is more than the government’s two to four percent target for the year.
“We have to strengthen our initiatives to reduce poverty, including the provision of financial assistance to poor families. Stronger government measures is needed to improve agriculture productivity to address supply constraints,” Uy said.
He urged the Department of Social Welfare and Development and Department of Energy to fast track the implementation of the unconditional cash transfer to the poorest 50 percent of households and the fuel discounts for transport groups, respectively.
Other proposed measures include boosting farm productivity, address the high cost of bringing agricultural products to markets, and maximizing trade opportunities with ASEAN partners to beef up food stocks.
The official voiced optimism that the availability of cheaper government rice in the region’s major markets is a big help to minimize the impact of rising prices.
He said rice takes up a large chunk of the food budget of poor families.
Last June, Eastern Visayas ranked fifth nationwide with the highest monthly inflation.
All provinces in the region, except Biliran recorded inflation hikes. Northern Samar topped at 7.8 percent, followed by Samar at 7.7 percent, and Eastern Samar at 7.5 percent. (Sarwell Meniano/PNA)
