MANILA, Philippines- Following the increase in inflation, House Ways and Means Chairman and Albay Rep. recommended. Joey Salceda to President Bongbong Marcos on ways to address this immediately by issuing an Executive Order.
According to Salceda, “food, feed, and fuel” should be the strategy after the inflation rate hit 6.9%.
“The problem is primarily in food, feed, especially corn, and fuel. These are the most essential components of the basket of goods. And they are vulnerable, to some extent, to global price volatility due to imports,” ani Salceda na isang magaling na ekonomista.
Salceda explained that for every P1 decrease in the exchange rate of the peso against the dollar, it means an increase in prices between 0.1 to 0.4 percent.
The lawmaker fears that as the price of the basic commodity rises, smuggling will be associated with it.
“Higher domestic prices in Mindanao will raise the incentive to intensify the use of traditional ‘Southern backdoor’ smuggling mechanisms,” said Salceda, who said that based on his conversation with the Bureau of Customs, what is often smuggled are tobacco products, fuel and vegetable
To address the high inflation rate, Salceda recommended the issuance of an EO that will boost agriculture mainly by increasing yield.
“EO directing the inventory and release of all procured and available financial and material resources for agriculture, as well as expeditious completion of all pending procurement for agriculture, may be issued; EO ensuring that all supply bottlenecks for food and other farm and EO directing that all schools and barangays undertake community edible gardening programs,” sabi ni Salceda.
In energy sources, the focus should be on increasing the production of coal and accelerating the granting of permits for solar, wind and other renewable energy projects. Gail Mendoza
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