Rice’s Role in Managing Inflation Highlighted by Philippine Lawmaker

Albay 2nd District Representative Joey Salceda has once again emphasized the critical role of rice in controlling the Philippines’ inflation, which saw an increase to 3.7 percent in March. Salceda pointed out that a significant portion of this inflation is due to the surge in food prices, particularly rice, which alone could have kept the inflation rate closer to 3.1 percent if it were stable.

Salceda, also an economist, indicated that while prices for other food items like corn and fish are showing signs of stability, the focus must remain on rice due to its substantial impact on the overall cost of living. The Philippine Statistics Authority’s recent data corroborated this concern, showing a rise in inflation primarily driven by the escalating costs of essential food items, including rice.

The Representative’s comments come in the wake of the Bangko Sentral ng Pilipinas’ acknowledgment that the inflation rate remains within the expected range, despite the uptick. Salceda lauded the efforts of the Department of Agriculture, particularly under Secretary Francisco Tiu-Laurel, for the proactive distribution of rice production support and the nearing completion of the rice farmer financial assistance program.

Additionally, Salceda underscored the potential threat of El Niño to agricultural productivity and inflation. He advocated for improved water impoundment measures to mitigate the impact of dry spells on rice cultivation, which is heavily dependent on irrigation. The implementation of on-farm reservoir systems was suggested as a measure to enhance the resilience of rice farmers against El Niño and reduce their dependence on large-scale irrigation projects.

This proactive approach to agricultural management and inflation control underscores the strategic importance of rice in the Philippine economy and the need for sustained efforts in agricultural policy and infrastructure development.