PBBM, patuloy ang pagsusumikap na mapabuti ang ekonomiya ng bansa
PBBM, patuloy ang pagsusumikap na mapabuti ang ekonomiya ng bansa
Category
🗞
NewsTranscript
00:00President Ferdinand R. Marcos Jr.'s efforts to improve the country's economy and provide food and services to all Filipinos will continue to bear fruit.
00:11It is proven that the inflation or the increase in basic commodities and services is 4.4% lower than the same period last year.
00:24According to the Philippine E-Statistics Authority, the price of rice has plummeted in the past few months due to the Executive Order No. 62 of President Marcos Jr.
00:35This is what Sujin Kim reported.
00:38The increase in the price of products and services in the country or the inflation rate is 4.4% this July 2024.
00:47Although this is the highest inflation rate this year, it is lower than the inflation rate of 4.7% last year.
00:55The main reason for the higher inflation last July is the faster increase in the price of household goods, water, electricity, oil, and other fuels.
01:05This has a 70.4% share in increasing the obvious inflation in the country.
01:12In particular, the lower price of electricity with a negative 5.4% inflation and the faster increase in the price of LPG.
01:22We expected that because the Meralco rates adjusted last July.
01:27So, we have a big contribution in inflation.
01:35The second reason for the faster increase in inflation is the food and non-alcoholic beverages,
01:41particularly when it comes to the increase in the price of chicken, fruits, and vegetables such as bananas and corn.
01:48In total, five major commodities contributed to the overall inflation.
01:52Rice, restaurants, house rentals, LPG, and tomatoes.
01:57Undersecretary Mapa explained that the fast increase in the price of vegetables and tomatoes may be the effect of the storm.
02:06The weather really has an impact on agricultural commodities.
02:14Normally, according to our historical data, after the typhoon, the price of vegetables increased.
02:23Some foods, including rice, had a lower inflation.
02:29The main reason for the lower price of rice, based on the inflation outlook of the Central Bank of the Philippines,
02:35is due to the lower import tariff under the EO62.
02:39In the coming months, we may have a base effect that will slow down the rice inflation this August.
02:47Aside from that, sugar, fish, and other seafood, particularly galunggong, and oils and fats, particularly oil.
02:55Meanwhile, in the middle of the rise in the inflation rate in the country,
02:59the government continues to strive to ensure food security.
03:04In fact, the DA also increased P510 million as fuel subsidies to livestock, crop, and poultry farmers.
03:12It is expected that 160,000 farmers will benefit from more than P3,000 in fuel assistance from August to September.
03:21Meanwhile, House Deputy Speaker David Suarez said,
03:24the government is already taking various steps to lower the price of rice.
03:29You can expect that in the coming months, we will lower the price of rice.
03:39And I think every Filipino will feel this because they will benefit from this.
03:49So, we're not turning a blind eye when it comes to addressing inflation.
03:54And in fact, this is another issue that we want the Executive to explain to the Congress how they're going to address it.
04:04House Deputy Majority Leader Migs Nograles also agrees.
04:08This is not just happening in the Philippines.
04:11It's happening everywhere.
04:12But our government and administration are addressing how we won't feel
04:19especially to the ordinary Filipinos who are struggling to pay for their daily sustenance.
04:29Soojin Kim for Pambansang TV in Bagong, Philippines.