Dark clouds loom
Experts said the Philippines will be particularly vulnerable to the global inflation crisis because of the increasing number and intensity of typhoons.
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Daily TribuneExperts said the Philippines will be particularly vulnerable to the global inflation crisis because of the increasing number and intensity of typhoons.
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Economists forecast that the increase in food prices will not let up next year which will mean Filipinos would have to tighten their belts in 2023.
President Ferdinand "Bongbong" Marcos has foreseen the looming crisis, the impact of which on the population may equal the effect of the Covid 2019 outbreak — the reason for his decision to continue being at the helm of the Department of Agriculture.
His detractors have said that a permanent agriculture secretary will have to be appointed to free Marcos to attend to much bigger concerns of the presidency.
Inflation rose eight percent in November from a year ago last month to higher food costs, Philippine Statistics Authority data showed.
Marcos acknowledged that inflation is "running rampant and out of control". The November figure was the highest in 14 years.
The Bangko Sentral ng Pilipinas has projected the December inflation to remain high at a range of 7.8 to 8.6 percent.
It said prices for the month were higher for electricity, agricultural commodities, meat and fish products, and cooking gas.
"The main drivers of that inflation, unfortunately, are still imported," Marcos said.
BSP intervenes to control the surging inflation through monetary tightening by offering higher interest rates to banks that in effect lessens the money in circulation.
The cost of fuel which had surged as a result of the East-European conflict had triggered price increases globally.
Prices are also pressured by the rush of some economies to return to pre-pandemic health raising consumer demand while the global supply chain problem continues as China and some other countries continue to grapple with the mutating virus.
Experts said the Philippines will be particularly vulnerable to the global inflation crisis because of the increasing number and intensity of typhoons.
Philippine Atmospheric, Geophysical, and Astronomical Services Administration figures showed a total of 16 severe storms this year which have destroyed or partially damaged more than P11.25 billion worth of farm products.
Aside from the destructive typhoons, farmers deal with increased costs of fertilizers and fuel.
The prices of crops stay the same, however, which means the farmers are earning less from their harvest.
Aside from the temporary solution of allowing more imports to control prices, Marcos is betting on the widening of the network of Kadiwa stores which offer commodities at subsidized prices to address the inflation crisis.
The best weapon available to Marcos, nevertheless, is the resiliency of Filipinos which enabled the country to recover quickly from the ravages of the pandemic.
