THE surprisingly low inflation figures for September present a unique opportunity for the Marcos administration to pursue more ambitious spending programs in economic and social services, according to House Ways and Means Committee Chair Rep. Joey Salceda.
“This gives the administration plenty of room to invest in crucial areas like infrastructure, education, and healthcare,” Salceda said. “It also provides the Bangko Sentral ng Pilipinas with much-needed maneuverability as the US Fed and other central banks inevitably adjust their interest rate levels.”
Salceda attributed the low inflation to a significant disinflation in fruits and vegetables, a slight reduction in fish prices, and a surprising negative sugar inflation, indicating a potential normalization of prices.
“We must remain vigilant about rice inflation, which disproportionately affects the poor,” he cautioned. “While it’s currently at 5.7 percent, we can still improve this figure. The October harvest season should help lower these levels further. We should also keep a close eye on corn prices, which are at 6.9 percent inflation, considering its crucial role as an input for meat, poultry, and fish prices.”
To address these concerns and ensure long-term food security, the House of Representatives has established a five-committee panel on food security and food prices. The Committee on Ways and Means, chaired by Salceda, will lead this effort. Other participating committees include Trade and Industry, Food and Agriculture, Social Services, and the Special Committee on Food Security.
This Quint-Comm, as it’s being called, will focus on four key goals:
Charting a path to P20/kg rice: This ambitious goal aims to make rice more affordable for Filipinos.
Boosting agricultural GVA growth: The panel seeks to increase the annual growth in agricultural Gross Value Added (GVA) to at least 2 percent, ensuring it keeps pace with population growth.
Reducing agricultural losses: The goal is to reduce agricultural production losses from 30 percent to 15 percent and to halve post-harvest losses in vegetables and fruits.
Regional competitiveness in livestock and poultry: The panel aims to bring livestock and poultry prices in the Philippines to regionally competitive levels.
Salceda expressed optimism about the Quint-Comm’s potential to make real and structural improvements to the country’s food systems, drawing parallels to the successful House Joint Hearings on Senior Citizens and PWD benefits earlier this year. “We are confident that this collaborative effort will bring about positive and lasting change for the Filipino people,” he concluded
