Government Implements Measures To Safeguard Purchasing Power Amid Weather Challenges

Finance Secretary Ralph G. Recto assures the public of intensified government actions to protect Filipinos' purchasing power from the impacts of El Niño and La Niña on food and energy supplies.

To aid farmers affected by El Niño, the Department of Agriculture (DA) will provide Fertilizer Discount Vouchers (FDVs) and support irrigation system rehabilitation, targeted cloud seeding operations, and water-saving technology promotion for rice farmers. I Photo: Department of Agriculture Philippines

Recto emphasizes the commitment of the Inter-Agency Committee on Inflation and Market Outlook to monitor weather-related disturbances and external factors affecting essential goods prices to mitigate inflation's effects, particularly on vulnerable sectors.

El Niño, characterized by abnormally dry and hot weather, and La Niña, associated with above-normal rainfall leading to flooding, pose challenges exacerbated by climate change, impacting agricultural production and society.

Despite the onset of El Niño in January, the government managed to maintain the inflation rate at 3.7%, within the target band of 2% to 4%, through vigorous implementation of measures ensuring sufficient imports of key commodities and improved agricultural production.

While March saw a slight uptick in rice inflation due to El Niño affecting rice-producing countries in Southeast Asia and export limits in India, the food inflation rate was moderated by slower price increases or declines in various food items.

Non-food inflation remained steady in March, offsetting slight increases in certain sectors with continued deceleration in prices of electricity, gas, and other fuels.

The Marcos, Jr. administration adopts a comprehensive approach to ensure food and energy security, clean water supply, public health safety, and targeted support to vulnerable sectors amid strong El Niño and impending La Niña.

To aid farmers affected by El Niño, the Department of Agriculture (DA) will provide Fertilizer Discount Vouchers (FDVs) and support irrigation system rehabilitation, targeted cloud seeding operations, and water-saving technology promotion for rice farmers.

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