Philippines March Inflation Hits 3.7% Amid Government Efforts to Stabilize Prices
The Philippine Statistics Authority recorded a 3.7% inflation rate for March 2024, a slight increase from the previous month’s 3.4%. Despite this uptick, the government continues to implement measures aimed at stabilizing food prices and other essential goods.
Top Ten Contributors to Inflation (in Percentage Point):
In response to the inflationary pressures, the Department of Agriculture (DA) is revising the voucher system under the National Rice Program, allowing beneficiaries to exchange vouchers for farm inputs at DA-accredited merchants. Additionally, the DA has initiated feasibility studies on priority infrastructures to enhance rice and corn production, including post-harvest programs, solar-powered cold storages, and irrigation systems.
To address the pork supply, the Inter-agency Committee on Inflation and Market Outlook (IAC-IMO) Food Subcommittee has recommended distributing the remaining 76% of pork Minimum Access Volume (MAV) in accordance with existing rules and regulations. They have also proposed that the Department of Agriculture and Food and Drug Administration consider issuing an Emergency Use Authorization for African swine fever (ASF) vaccines and expedite the approval process for these vaccines.
Moreover, to improve access to affordable electricity, eligible consumers can avail up to a 100% discount through the Lifeline Rate program.
These initiatives underscore the government’s commitment to mitigating inflation and ensuring the availability of affordable essentials for its citizens.