State Dining Room, Malacañan Palace
September 24, 2024

President Ferdinand R. Marcos Jr. led a discussion on management strategies for food and non-food inflation during a sectoral meeting at the State Dining Room in Malacañan Palace on September 24, 2024.

The President expressed optimism that rice prices will continue to decrease, noting that they appear to be following projections and aligning with the current trend across Southeast Asia, consistent with countries such as Thailand and Vietnam.

According to the National Economic and Development Authority (NEDA), rice is the top inflation driver in the Philippines, contributing 1.3 percentage points.

In addition, the Chief Executive addressed concerns over the sugar supply, emphasizing the need for continued importation to stabilize prices. Refined sugar prices remain elevated, currently 35% higher than January 2022 levels.

Discussions also focused on efforts to combat African Swine Fever (ASF), proposing incentives for affected hog raisers and securing 450,000 more ASF vaccine doses. The Department of Agriculture (DA) is urged to prioritize free vaccines for smallholder swine raisers, who account for over 70% of the country’s swine inventory.

Non-food inflation has also eased slightly, with key contributors including transport deflation, lower fuel costs and decreased demand from major international markets.

Overall inflation has shown signs of easing, dropping from 4.4% in July to 3.3% in August 2024, driven by slower food and non-food inflation.

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