Thursday 16 August
Powered by Ajaxy
Aug 7, 2018 @ 17:18

Eco team begs for rice tariffs as inflation hits new high

 

Angry lawmakers should realize that a big solution to inflation is on their hands.

The Department of Budget and Management, Department of Finance, and National Economic and Development Authority issued a joint statement calling for policy reforms to bring down consumer prices, as inflation surged further to 5.7 percent in July.

“The current price pressures emanate mainly from supply-side factors. Addressing supply constraints to curb inflation is the utmost priority of the government,” the economic team said.

Food prices spiked year-on-year in July due to limited supply of rice. A string of typhoons also pushed prices of other agricultural products due to supply issues.

The economic managers again stressed the need to pass the Agricultural Tariffication Act to replace restrictions on rice imports, as this will “significantly improve” rice supply, bringing down the price of the grain.

“This reform in agriculture will also provide a PhP10-billion enhancement fund for rice farmers that will help them have better access to technology and, thereby, ramp up their production,” they said.

Tags: , , , , , , , , , ,

Related Stories
Prices have gone up significantly for unhealthy items.
The country’s inflation rate accelerated to 4 percent in January 2018 from 3.3 percent the
Prices have shot up largely due to the tax reform law to hit a three-year


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.