15-Philippine Government Pledges Measures to Tackle Rising Food Prices

1. Philippine Government Pledges Measures to Tackle Rising Food Prices Philippine Government Pledges Measures to Tackle Rising Food Prices The Philippines government is concerned over the rising food prices that may lead the country’s food inflation to a five-week high. The Philippines government is considering farming subsidies and food stamps for the poor to mitigate the inflation risk. The Economic Planning Secretary Mr. Arsenio Balisacan said, “The government is committed to providing targeted assistance to affected vulnerable segments of the population while food prices remain elevated.” The inflation rate in the Philippines is at 6.1% up from 5.3% a month earlier. In September, The Philippines government put a cap on rice prices to support the poor households of the nation. This step of the government was criticised by economists who warned the government about the market distortion and potential food shortage. Impact of Rising Foo Impact of Rising Food Prices The staple food of the Philippines is rice and the Philippines is one of the largest rice importers in the world. With increasing food prices across the nation, the government decided to launch a food stamps programme last week which will provide 3,000 pesos a month to food-poor households. d Prices The government also added that they will be providing a 10,000 pesos subsidy to 78,000 farmers and a separate 5,000 pesos aid to rice farmers. The chief economist of the Rizal Commercial Banking Corp. Mr. Micheal Ricafort stated that the rising food inflation rate is directly related to the rising rice prices and the crop damage caused by the recent storm. He also added that the weakening peso hiked the import prices.

2. The Bottom Line The Bottom Line In conclusion, the Philippines government is committed to tackling the rising food prices. The major staple of the nation is rice and rice is suffering from the global supply shortage which is the main cause of the increasing food inflation in the Philippines. Tradologie.com offers the best platform for your needs if you're a rice importer looking to buy rice in bulk or a rice exporter looking to export rice in bulk. With the help of Tradologie.com, bulk rice trade is possible for all types. Tradologie.com platform makes it possible for customers to purchase rice, wheat, and spices, among other high-quality agricultural products, at flexible prices. Tradologie.com is a digital platform that connects buyers and sellers of bulk agro commodities across the globe. With the use of technology, Tradologie.com ensures seamless transactions between agro- exporters and importers. With 70,000+ verified suppliers from more than 150 countries and 600,000+ verified buyers worldwide, Tradologie.com is expanding quickly. If you want to register as a buyer, click here, If you want to register as a seller, click here. To stay updated about the latest developments in the agro-trading sector, follow Tradologie.com on all social media platforms.