[ANALYSIS] As food prices soar, Duterte allows return of ‘stagflation’

ASF has since spread in pig farms across the country. By one alarming estimate, ASF has already decimatedthe pig death toll, but the steep rise of pork prices betrays the extent of the current shortages. In Metro Manila alone, prices of fresh pork ballooned by a whopping 77% in January; prices of fresh pork with bones rose by 68%.President Rodrigo Duterte stepped in by

Some analysts have hailed agriculture as the most robust sector in our economy amid the pandemic — in stark contrast to the collapse of both industry and services. But this assessment turns out to be premature; agriculture shrank by 1.2% last year.When you’ve lost your job and suffered a staggering loss of income, the last thing you need is a price acceleration that further diminishes the purchasing power of the little money you have left.

To abate people’s suffering, the most obvious solution is to put money directly into the hands of people. Cash transfers akin to last year’sBut it bears repeating that the Duterte government has totally abandoned future rounds of such cash transfers, wrongly citing, say, the need for fiscal prudence. Even as our economy fights for its life in the ICU, Duterte and his ilk are essentially pulling the plug on all the life-saving equipment.

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