Inflation. INQUIRER COMPOSITE IMAGE/JEROME CRISTOBAL
MANILA, Philippines — The Marcos administration is prepared to provide “targeted assistance” to vulnerable sectors affected by still-rising prices of commodities and services, the chief of the National Economic and Development Authority (NEDA) said.
Malacañang also enumerated administration programs to address the impact of high inflation, including the food stamp program of the Department of Social Welfare and Development.
“The government is committed to providing targeted assistance to affected vulnerable segments of the population while food prices remain elevated,” NEDA Director General Arsenio Balisacan said in a Palace statement.
In a report released on Thursday morning, the Philippine Statistics Authority said the country’s September 2023 inflation was 6.1 percent – higher than the previous month’s 5.3 percent. With the latest inflation rate in a month, nationwide average inflation was pegged at 6.6 percent, covering the period January to September.
“As we implement short-term measures to ease the negative effects of inflation, it is imperative that we also address our long-term food supply issues by providing support for our local farmers to boost their productivity and resilience. These include investing in irrigation, modern high-yielding varieties, pest control, and logistics,” Balisacan also said
According to the Palace, 78,000 farmers will be given a P10,000 cash subsidy but it has yet to specify which agency will implement the program.
Rice farmers will also get P5,000 worth of financial aid amid rising costs of production, the Palace said.