PBBM committed on transforming economy, making food more affordable in order to prevent future crises

PBBM is committed to transforming the economy and making food more affordable in order to avoid future crises. Photo: PND

President Ferdinand "Bongbong" Marcos Jr. said on Tuesday that his administration is focusing on economic transformation to protect the country from future crises caused by the coronavirus pandemic.

Marcos expressed optimism about the administration's success in any endeavor in an interview with TV host and actress Toni Gonzaga aired on ALLTV, noting that it must come up with new ideas and be creative.

“That’s why in my view, I talk about transforming our economy, not recovery. Because I don’t want to recover the economy to what it was in 2019. I want to transform the economy to be ready for the shocks, the difficulties that we will face from 2022,” he told Gonzaga.

The President specifically mentioned making food affordable for all. He said that food security is the administration's top priority, adding that the government must reorganize the entire agricultural production value chain system over time.

When asked about his goal of lowering rice prices to P20 per kilo, the President said it would take time.

“There’s a way to do it, but it will take a while. We have to return NFA to its old function, not so much importation but really the buying,” he said.

“And then even — even actually now, we can already do it, but it’s a little short-term. We sell the buffer stock that they have in NFA. We can sell it at 20 pesos. But that’s not really realistic. We have to bring the actual price down.”

He said that obtaining a P20 per kilo of rice would be possible with the right government interventions, such as improving the value chain and securing some savings, as well as a favorable world market condition.

When it comes to the economy, the President acknowledged the country's high inflation rate, which has an impact on everything.

“We’ve actually done, in terms of monetary policy, we’ve done all right in the Philippines. Ang problema is something that’s called imported — imported inflation,” Marcos said.

“Because the inflation that was suffered by whatever project — sabihin bibili tayo fertilizer, doon sa pinanggalingan niya, tumaas ang presyo ng natural gas, tumaas ang presyo ng ammonia, all of the elements that go into it.”

This is the current reality, he said, adding that one nation cannot deal or trade without talking to other countries.
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