The purchasing power of the peso was at its weakest in four years as more expensive food and fuel caused inflation to accelerate to a 14-year high in 2022, according to data from the Philippine Statistics Authority .
“Third, the recession itself could possibly reduce the demand for goods globally, but the inflation is fundamentally a supply problem, hence the recession can only make the supply constraints more significant,” he added. This is encapsulated in the 8-point Socioeconomic Agenda of the Marcos Administration and a devoted chapter in the Philippine Development Plan 2023-2028. The strategies in the PDP focus on bringing down food costs.
This includes onion which, in December, accounted for 0.3 percentage points of inflation. The contribution of rice to the increase in commodity prices was also at 0.3 percentage points. “The numbers are saying there is a slowdown but there is still a threat in terms of these food items because the weight of the food basket in the overall inflation is quite substantial,” Mapa said in a briefing on Thursday.In a statement, the Bank of the Philippine Islands said there is an urgent need to address structural problems. If these are not addressed, the country can expect “volatility in food prices will be a recurring problem in the coming years.
Lanzona also said the government should have pushed for “a strong productivity program” at the height of the pandemic. This program should have included the promotion of industry and agriculture by means of new technologies.
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