Relief and subsidies will continue as the Philippine government reiterates its commitment to providing aid to affected sectors amid the continued rise of the inflation rate.
The Philippine Statistics Agency (PSA) reported that the country’s headline inflation rate accelerated to 7.7 percent in October. The number is significantly higher than the 6.9 percent in September 2022.
Prices for basic commodities like food and non-alcoholic beverages are greatly affected by the acceleration. Filipinos can expect an increase in prices by 9.4 percent from 7.4 percent in September 2022. This is on top of the recent series of hard-hitting typhoons that damaged parts of the country.
Thus, the National Economic and Development Authority (NEDA) emphasized the importance of providing immediate assistance to residents. The administration of President Ferdinand R. Marcos Jr. focused on helping Filipinos in rehabilitating as they navigate through the economic challenges across the country.
As the current Department of Agriculture Secretary, PBBM also notes that one of his priorities is helping the farmers and the whole agricultural sector to get back on track as well as strengthening the efforts on food security.
According to NEDA Secretary Arsenio M. Balisacan, the support will be through continuous cash transfers and fuel discounts for the most vulnerable.
The President assured that the administration will make sure to keep inflation and its causes as one of the priorities as well as continuously crafting ways to assist the Filipino people with this economic challenge. (MVV / PIA-CPSD)