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Manila Bulletin devider Business devider Diokno vows gov't to address expected rise in prices

Diokno vows gov't to address expected rise in prices

Published Dec 29, 2023 06:28 am

At A Glance

  • Finance Secretary Benjamin E. Diokno assures efforts to address rising consumer prices amid persistent inflation pressures in the upcoming year.<br>Diokno siad the government prioritizes maintaining macroeconomic stability and managing inflation to protect the purchasing power of Filipinos.<br>Inflation averaged 6.2 percent from January to November 2023, significantly exceeding the government's target range of two to four percent.<br>Malacañang extends the temporary reduced import duty rates on rice, corn, and meat products until December 2024 to ensure affordable prices of basic goods amidst El Niño and African Swine Fever.<br>The new executive order extends the validity of the modified tariff rates set to expire on Dec. 31, 2023, under EO 10.<br>NEDA Secretary Arsenio M. Balisacan emphasizes that the extension aims to keep inflation in check next year amid the threats of El Niño and African Swine Fever.<br>The Development Budget Coordination Committee anticipates the inflation rate to return to the target range of 2.0 percent to 4.0 percent from 2024 to 2028.

President Marcos' chief economic manager assured Filipinos that they can depend on the government to mobilize efforts in addressing the expected rise in consumer prices, as inflationary pressures are projected to continue until next year.

Finance Secretary Benjamin E. Diokno said that their top priority is to maintain macroeconomic stability and keep the inflation rate at manageable levels in order to protect the purchasing power of Filipino consumers.

“As we enter the new year, you can count on the government to mobilize all efforts toward addressing inflationary pressures,” Diokno said in a statement.

Inflation soared in 2023, averaging 6.2 percent from January to November, far exceeding the government's target range of two percent to four percent.

The Bangkok Sentral ng Pilipinas (BSP) forecasted on Friday, Dec. 29, that inflation for the final month of the year could fall between 3.6 percent and 4.4 percent.

According to the BSP, rising rice and meat prices are expected to drive prices up in December, while lower prices for agricultural products like vegetables, fruits, and fish, as well as reduced electricity and petroleum prices, are likely to push prices down.

“The IAC-IMO [Inter-agency Committee on Inflation and Market Outlook] recognizes the pertinent upside risks that need to be addressed in the near term,” Diokno said.

“Keeping the inflation rate within manageable levels to protect the Filipino people's purchasing power and maintaining macroeconomic stability shall remain our top priority,” he added.

Malacañang recently announced the extension of temporary adjustments to import duty rates on rice, corn, and meat products until December 2024.

President Marcos signed Executive Order No. 50, emphasizing that the Philippines' present economic conditions justify the need to extend the application of reduced tariff rates on key commodities to keep affordable prices in the market.

The new executive order extends the validity of the adjusted tariff rates set to expire on Decc. 31, 2023, under Executive Order No. 10.

Under the new EO, the tariff rates for pork will remain at 15 percent in-quota and 25 percent out-quota, corn at five percent in-quota and 15 percent out-quota, and rice at 35 percent for both in-quota and out-quota until the end of 2024.

National Economic and Development Authority Secretary Arsenio M. Balisacan said the extension aims to keep inflation in check next year amid the threats of El Niño and African Swine Fever (ASF).

The Development Budget Coordination Committee expects the inflation rate to return to the target range of 2.0 percent to 4.0 percent from 2024 to 2028.

Related Tags

Consumer prices inflation rate Finance Secretary Benjamin E. Diokno
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