NEDA Backs Eased Food Import Policy to Relieve Inflation
April 25, 2024
10:22AM PHT
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President Marcos’ decision to enacte Administrative Order No. 20 — aimed at easing the Philippines' agricultural import policies — Is meant to address food security concerns and mitigate inflation, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Thursday.
Based on data from PSA, food inflation increased from 1.6 percent in January 2022 to 11.2 percent in January 2023. Meanwhile, as shown in Figure 3, rice started to become a main driver of inflation starting in August 2023. As of March 2024, it now accounts for more than half of the headline inflation, contributing 2.2 percentage points. — graphs courtesy of NEDA
In a statement, the NEDA chief said this strategic move simplifies administrative processes and removes non-tariff barriers, facilitating more timely and sufficient food imports during domestic shortages.
Balisacan said NEDA supports this order, recognizing its critical role in stabilizing food prices and ensuring affordability for Filipinos.
This policy aligns with broader economic stability efforts, underscoring the government's commitment to enhancing national food security and economic growth, he explained.
