Quimbo, the vice chairperson of the committee, said that hearings in the House had revealed that bringing down prices of food products would not be easy — which was why she asked that question. | GabrielLaluINQ
“There are more nuanced questions such as: Should Congress insist on the reconvening of the inter-agency unit on economic intelligence to intensify enforcement against agriculture cartels which have been engaged in hoarding and price manipulation? Should Congress grant the Department of Agriculture or the president additional powers to enforce food price stabilization measures? If so, what are these?” she added.
Last Feb. 7, the Philippine Statistics Authority said that the headline inflation rate for January 2023 was at 8.7% — higher than the 8.1% recorded in December 2022.“Despite the economy’s relatively sound macroeconomic fundamentals, persistently high inflation has been a major concern for the Philippine authorities, as with other countries,” Finance Secretary Benjamin Diokno admitted.
The Kadiwa program, where products are sold at a lower price by eliminating several costly processes between growers and sellers, would be expanded. “To protect the vulnerable sectors, we will expand and improve the Kadiwa Program and ensure that the most vulnerable segments of the population are protected against these shocks through targeted — let me repeat that, targeted subsidies. Yet, we must ensure that these measures do not add up further to demand-side inflationary pressures,” he added.
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