MANILA – In response to the slight increase in headline inflation in May, the National Economic and Development Authority (NEDA) stated that the government is ramping up measures to tackle persistent inflationary pressures.
NEDA Secretary Arsenio M. Balisacan affirmed, “The government will persist with sustainable policy reforms aimed at addressing both food and non-food inflation drivers. Our goal is to uphold a macroeconomic environment conducive to fostering investment and creating high-quality employment opportunities – one that supports achieving the development targets set for the Marcos administration by 2028.”
Balisacan’s remarks followed a report from the Philippine Statistics Authority (PSA) indicating that headline inflation rose marginally to 3.9 percent in May from 3.8 percent in April but showed a decrease compared to the 6.1 percent recorded in May of last year.
“To manage food inflation, promote policy stability and investment planning, as well as enhance food security,” Balisacan said “the NEDA Board has concurred on reducing rice duty rates from 35 percent to 15 percent for both in-quota and out-quota imports until 2028.”
Additionally, the NEDA Board extended reduced tariff rates on corn, pork, and mechanically deboned meat under Executive Order series of EO-50-2023 until 2028.
Balisacan underscored that “the approval of the new Comprehensive Tariff Program for 2024-2028 by The NEDA Board is a strategic move aimed at ensuring access and affordability of essential commodities while maintaining equilibrium among consumer interests, local producers’ needs, and economic considerations,” he emphasized. He also acknowledged recognizing the imperative requirement of modernizing agriculture sector practices to support farmers effectively.
(Rep. by El Amigo/MNM)
