NEDA says targeted subsidies helping consumers as inflation quickens

Joyce Balancio, ABS-CBN News

Posted at Oct 05 2022 05:10 PM

A vendor sells sugar at the Bustillos market in Manila on August 16, 2022. Jonathan Cellona, ABS-CBN News

MANILA - Targeted subsidies are helping consumers cope with higher prices of commodities, the National Economic and Development Authority (NEDA) said Wednesday. 

Subsidies to the vulnerable include cash transfers to low-income households, fuel subsidies to the public utility drivers and fertilizer subsidies to those in the agricultural sector, NEDA Assistant Secretary Sarah Duway-Ducanes said in a televised briefing.

“In particular po, may mga fuel discounts tayo na worth mga P3,000 per household sa ating mga eligible na farmers upang matulungan nga sila sa pagtaas ng presyo ng fuel,” she said in a televised briefing. 

(We have fuel discounts worth P3,000 per household for eligible farmers to help them with rising fuel costs)

Rice farmers also get P5,000 in cash aid to boost productivity and at the same time, help reduce prices of rice in the market, the official said. 

Inflation has been rising in the past 6 months, hitting 6.9 percent in September. This was the highest level since October 2018, as prices of select food items continued to rise.

Sugar prices, in particular, soared in September to over P100 per kilo due to an alleged supply shortage. 

Meanwhile, NEDA assured the public that it would prioritize food security.

Focusing on food security would protect the “purchasing power of consumers”, NEDA said. 

“So in the near term po, kailangan nating ma-ensure ang sufficient na supply ng pagkain, sufficient food supply while assisting our most vulnerable sectors," she said.

(In the near term, we need to ensure we have sufficient supply of food, while assisting our most vulnerable sector)

"And we hope that this will help us hurdle the current challenges that we are facing regarding inflation,” she added.


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