By Liza Soriano
THE chairman of the House Committee on Agriculture and Food expressed optimism that inflation had peaked in September and that the public can expect prices of all major agricultural products to soon decline.
Quezon 1st District Rep. Mark Enverga attributed this positive outlook to the upcoming harvest season and the transformative agricultural initiatives implemented by President Ferdinand “Bongbong” Marcos Jr., who also serves as the Agriculture Secretary.
“We believe that inflation has peaked, and we expect it to be on a downward trend because of the forthcoming harvest season. As the earth yields its bounty, we anticipate a steady decline in inflation rates,” Enverga stated.
The lawmaker emphasized the vital role the harvest season historically plays in stabilizing prices and alleviating economic pressures on the public.
“As the harvest season approaches, we can anticipate stabilization and, eventually, a decrease in inflation rates. Our nation’s agricultural sector is a cornerstone of our economy, and the bountiful harvests ahead will undoubtedly have a significant impact on curbing inflation,” Enverga pointed out.
Enverga also highlighted the decline in prices of essential agricultural products, including sugar, as a result of strategic reforms in the agricultural sector.
“Addressing the inflationary pressures on items like sugar is crucial to easing the burden on Filipino households. The measures taken to stabilize prices have proven effective, providing much-needed relief to our constituents,” he said.
Moreover, Enverga lauded the President’s decisive actions in the agriculture sector, underscoring their importance in addressing deep-rooted problems that have persisted for decades due to neglect by past administrations.
“The President’s commitment to revitalizing agriculture and rectifying past deficiencies is undeniable. By investing in infrastructure, technology, and sustainable farming practices, we are not only improving the livelihoods of our farmers but also fortifying the foundation of our economy,” Enverga stressed.
According to the Philippine Statistics Authority, inflation in September 2023 rose to 6.1 percent, up from 5.3 percent in August, bringing year-to-date inflation to 6.6 percent.
This increase is primarily attributed to higher food prices, which surged to 10 percent from 8.2 percent in August. Key contributors include rice (17.9% from 8.7%), meat (1.3% from -0.1%), fruits (11.6% from 9.6%), and corn (1.6% from 0.9%).
In contrast, the prices of sugar, fish, vegetables, eggs and dairy products, and bread and cereals experienced slower inflation. (ai/mnm)