Marcos says economy is 'most important area' in first Cabinet meeting

Katrina Domingo, ABS-CBN News

Posted at Jul 05 2022 11:13 AM | Updated as of Jul 05 2022 12:14 PM

MANILA - President Ferdinand Marcos Jr. on Tuesday presided over his first Cabinet meeting, where economic managers are expected to give a briefing about the Philippines' economic outlook and situation.

"The most important area that we will have to deal with will have to be the economy," Marcos told his Cabinet.

Marcos will start his administration faced with a looming food crisis and rising fuel prices, even as the economy is showing signs of recovery from the impact of the pandemic.

Inflation further quickened in June to 6.1 percent as food prices, transport costs continued to rise.

The live stream of the Cabinet meeting was halted after the first 5 minutes, before the economic team could begin its briefing.

Marcos - who also heads the Department of Agriculture - earlier said that ensuring access to sufficient and affordable food in the next 2 quarters would be given "preferential treatment" under his administration.

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