The Bangko Sentral ng Pilipinas (BSP) warned that various food supply problems, including potatoes and fish, could exacerbate the country’s accelerating inflation.
THE Bangko Sentral ng Pilipinas warned that various food supply problems, including potatoes and fish, could exacerbate the country’s accelerating inflation.
“While evidence of second-round effects is increasing, the previous direct actions by government agencies have yet to work through its way,” he added.The high prices of the commodities it listed may persist until the end of the year if the national government will not address the constraints, the BSP said.
“Expansion plans in the sector were also limited by the continued threat of Avian Influenza and the high cost of feed ingredients,” it added. The BSP also flagged potatoes as an inflation concern: its price now hovers between P100 and P150 per kilogram from P75 per kilogram in end-Q3 2022. He noted that the BSP has already implemented a rate hike of 400 basis points since the start of the year compared to India’s 250 bps, Indonesia’s 225 bps and 100 bps for Thailand and Malaysia.
The TWG members are the National Economic and Development Authority, Department of Finance, Department of Budget and Management, Department of Trade and Industry and Department of Agriculture.
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