Published December 7, 2022, 12:05 AM
President Ferdinand Marcos, Jr. has stepped up his campaign to ensure stability of food prices by leading the Department of Agriculture’s program of establishing Kadiwa stores nationwide. He pointed out that Kadiwa outlets will continue to offer basic goods at lower prices beyond the Christmas season, and declared that this effort will be sustained until markets can finally match food prices at the Kadiwa outlets.
Fourteen outlets – 11 in Metro Manila and in Tacloban City, Davao de Oro and Koronadal City in South Cotabato – were opened the other week. As reported by the Philippine News Agency: “At least 28 more Kadiwa stores will be opened next week as the government intensifies efforts to provide farmers and fisherfolk additional profits, and local consumers quality yet cheap basic commodities this holiday season.”
Stemming the inflationary tide is the government’s primary concern especially that the country’s inflation rate remains elevated at 8.0 percent in November from 7.7 percent in October.
Most key consumer products registered faster inflation in November, particularly for food and non-alcoholic beverages, which accelerated to 10 percent from 9.4 percent in the previous month.
Prices of vegetables, tubers, plantains, cooking bananas, and pulses jumped 25.8 percent, the highest since January 1999’s 5.6 percent. Socioeconomic Planning Secretary Arsenio M. Balisacan said the substantial uptick was a result of lower production brought about by the onslaught of typhoons and higher cost of inputs. Similarly, sugar production was still reeling from the damage caused by recent typhoons, Balisacan added.
As reported by the PSA, inflation for food at the national level increased from 7.7 percent in September to 9.8 percent in October compared to 4.0 percent in October 2021. As the overall rate hovers into the double-digit zone, the inflation rate for specific food items has indeed become worrisome.
Noteworthy is the relatively low inflation rate for rice at 2.5 percent. Recall that President Marcos has set his sights on a ₱20 per kilo price level for the Filipinos’ staple food. In contrast, corn price inflation is at a very high rate of 27.4 percent. Cagayan Valley, the leading corn producer in the country, has not yet fully recovered from the severe damage inflicted by Typhoon Ulysses (Vamco) in late 2020 affecting 34,800 hectares of agriculture and aquatic area, resulting in losses estimated at more than ₱1 billion worth of rice, corn and other high-value crops submerged in flood and mud.
The 34.4 percent inflation in prices of sugar, confectionery and desserts is also concerning. Recall, too, that the need to augment local sugar supply was one of the first issues tackled by President Marcos after he took office last June.
Indeed, keeping food prices stable is a top-priority government concern. Enabling Filipinos to buy staple food items at reasonable and affordable prices is a most timely gift to them for this Christmas season.
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