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Manila Bulletin devider Philippines devider National devider Farmers fear wider agricultural trade deficit as peso further weakens

Farmers fear wider agricultural trade deficit as peso further weakens

Published Sep 7, 2022 01:30 pm

Farmers expressed their fear of wider agricultural trade deficit amid the further declining rate of peso.

(Manila Bulletin File Photo)

Peso, on Tuesday, Sept. 6, reached a new all-time low record and sank to P57 against the US dollar. The further declining rate of peso, according to peasant group Kilusang Magbubukid ng Pilipinas (KMP), will likely result in wider agricultural trade deficit as imported commodities are expected to become more expensive.

“With the weakened peso, imported goods purchased with dollars, including petroleum and fertilizer, will further increase. Higher oil pump prices will further push upward the already high inflation rate,” said KMP Chairperson Rafael Mariano in a press statement on Wednesday, Sept. 7.

In relation to this, the group slammed President Ferdinand “Bongbong” Marcos’ plan to boost the importation of agricultural commodities, citing the country’s recent economic deals with Indonesian President Joko Widodo.

Earlier, the peasant group urged Marcos to focus on local food production instead of importation, reiterating that this scheme does not benefit Filipino farmers and only put them at a disadvantage.

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