Economist: ‘Localized markets’ could mitigate rising oil prices

Mico Abarro, ABS-CBN News

Posted at Mar 05 2022 11:12 AM

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MANILA—Encouraging local food producers to sell their goods within their area could help keep food prices down amid rising oil costs, according to an economist from Ateneo De Manila University. 

Alvin Ang told ABS-CBN's Teleradyo that so-called "localized markets" could keep producers from spending high transport costs and passing that cost onto consumers.

"Mga LGUs, mag-organize sila. Kung sinuman nagpro-produce ng pagkain dito sa lugar natin eh ’wag niyo muna ibenta sa labas, dito muna sa amin para mababa ang presyo," Ang said. 

"Hindi naman kailangan pigilan; bigyan ng option. Kase challenge po ’yun na kung puro sa urban centers ang target, oo doon nga may pambayad pero ’pag nag-mahal din ’yun, di na bibili ’yun eh." 

Despite the ongoing Russo-Ukrainian conflict, the Philippines' inflation rate, or the rate at which prices rise, remained steady at 3 percent in February. 

But Bangko Sentral ng Pilipinas also warned that it expected inflation to go up in the near-term due to rising fuel costs.