MS. OSEÑA-PAEZ: Magandang umaga, Malacañang Press Corps, at welcome sa ating press briefing ngayong araw, August the 23rd.
This morning, President Ferdinand R. Marcos Jr. convened with the National Economic and Development Authority (NEDA) Board to discuss updates on the progress of the government’s infrastructure flagship projects or IFPs and revised guidelines for the formulation, prioritization and monitoring of the IFPs under the Marcos administration.
To give us more details about this and other matters discussed during the 8th NEDA Board Meeting, we have with us NEDA Secretary Arsenio M. Balisacan. Good morning, Secretary Balisacan.
NEDA SEC. BALISACAN: Good morning, Daphne. Friends, ladies and gentlemen, good morning! I’m pleased to provide updates and the results of the NEDA Board meeting of the Marcos administration, particularly on the progress we have made in implementing our infrastructure flagship projects or IFPs.
First, let me share about the progress of our IFPs. As reported by the NEDA Board Committee on Infrastructure or InfraCom during the meeting, there are now 71 ongoing projects worth 4.11 trillion pesos as of July 2023, up from 68 projects reported in the first quarter. The three additional projects that have advanced to the ongoing phase are the Metro Cebu Expressway, the Nautical Highway Network Improvement and the Daang Maharlika Improvement projects.
The Department of Public Works and Highways are implementing these connectivity and transportation infrastructure projects which aim to provide or to improve connectivity across the country. Among the remaining 123 IFPs 27 have been approved for implementation, 8 are awaiting government approval, 52 are in the project preparation phase while 36 are under the pre-project preparation phase as of July 2023.
Second, the NEDA confirmed today the revised guidelines for the formulation, prioritization and monitoring of the government’s IFPs particularly, projects approved by the Investment Coordination Committee (ICC) and confirmed by the NEDA Board which are not in the current IFP list but meet the criteria indicated in the IFP guidelines, shall be included in the IFP list subject to the endorsement from the concerned implementing agencies.
Third, following the revised guidelines, the NEDA approved to include three more projects under the list of IFPs. These projects are: the Tarlac-Pangasinan-La Union Expressway or TPLEX Extension Project, the Philippine Rural Development Project Scale-up and the Upgrade Expansion, Operation and Maintenance of the Laguindingan International Airport Project in Misamis Oriental.
With their inclusion on the list, these projects will be prioritized in the government’s annual budget preparation and will benefit from the expedited issuance of applicable permits and licenses in accordance with current legal frameworks. This is a significant contribution of the timely implementation of these projects and fully realizing their economic returns as this will help the government avoid the possibility of increasing cost and financing charges due to delays.
Moreover, the NEDA Board approved the request for change in cost, scope and implementation timeline of the Flood Risk Management Project for Cagayan De Oro River. The project aims to reduce flooding in high risk, flood-prone areas; develop Cagayan de Oro River and strengthen the resilience of the communities along the river stretch to climate change and other related hazards.
Lastly, the Board approved the provision of six fire trucks for Marawi City through an Official Development Assistance (ODA) grant from China worth 72.5 million pesos. This project aims to support the objectives of the Bangon Marawi Rehabilitation and Recovery Program which is the national government’s strategic action plan for the areas affected by the Marawi Siege.
By ensuring the efficient implementation of high-impact infrastructure projects, the Marcos administration aims to get the job done to enhance connectivity, reduce the cost of doing business, promote the creation of high-quality jobs and ultimately reduce poverty sustainably to improve the lives of every Filipino.
Thank you.
MS. OSEÑA-PAEZ: Thank you, Secretary Balisacan. Now, questions from the press corps? Jean Mangaluz, Inquirer.net.
JEAN MANGALUZ/INQUIRER.NET: Sir, some of the widespread flooding that was recently reported was actually attributed to some of the big ticket infrastructure projects. Will NEDA reconsider or has NEDA taken into consideration the reported floodings when approving these projects?
NEDA SEC. BALISACAN: Yes, ma’am. Many of these projects are actually meant to address the perennial flooding issues ‘no. If you look in the list of the IFPs, many of these are related to water management and related projects or infrastructure projects that address the flooding and access to reliable water supply.
MS. OSEÑA-PAEZ: Katrina Domingo, ABS-CBN.
KATRINA DOMINGO/ABS-CBN: Sir, we understand that the President and the DENR have ordered a review of the existing Manila Bay projects. May we know the NEDA’s input with regard to the review of these projects?
NEDA SEC. BALISACAN: We have not been sought for advice yet or for our perspective but we’ll ultimately have to be involved. As you know, NEDA approves big infrastructure projects particularly those that will have impact on the economy and society and in the case of Metro Manila, the whole of Metro Manila.
We are not a party to the approval of these reclamation projects, but given the significance and importance in the socioeconomic landscape of Metro Manila, NEDA should be part of that exercise.
MS. OSEÑA-PAEZ: Sam Medenilla, Business Mirror.
SAM MEDENILLA/BUSINESS MIRROR: Good morning, sir. We would just like to get the reaction of NEDA regarding doon sa projection po ng BSP na government is likely to miss its growth target this year. At saka, ano rin po kaya iyong magiging impact po ng election ban kasi ‘di ba magba-barangay election na po so, mayroon pong mga … at least a few weeks na hindi po puwede iyong government projects? Are we still confident na mari-reach natin iyong targets natin for this year?
NEDA SEC. BALISACAN: Yeah. As we discussed during the announcement of the second quarter GDP ‘no, we presented there our action plans, our catchup plans for various implementing agencies. We have identified the sources of the slowdown and we think that we can speed-up the implementation of projects and programs to benefit the economy for the second half of the year ‘no. So the things that were not spent in the first half could be spent in the second half and so it will get recorded as part of the economic activities during the second half.
So, we feel that and we do think that by addressing the issues that we have identified, many parties have identified, we could still achieve, at least, the lower end of the range of six to seven. As we mentioned earlier, we need to grow 6.6% in the second half to achieve six percent growth for the full year.
MS. DAPHNE OSENA-PAEZ: Maricel Halili, TV5.
MARICEL HALILI/TV5: Hi, Sec. Magandang umaga po. Sir, pitong magkakasunod na linggo na po iyong pagtaas ng presyo ng petrolyo, at humihingi na po iyong mga transport groups ng fare increase, including iyong mga taxi operators asking for 70 pesos flag down rate. Ang sinasabi po ng LTFRB, isa doon sa mga ikukonsidera nila sa pagdesisyon ay iyong magiging impact po nito sa ekonomiya. Ano po ba iyong posibleng maging epekto sa ekonomiya sakaling mapatupad iyong dagdag-singil sa pasahe?
NEDA SEC. BALISACAN: Of course, any policy actions that we make especially those affecting big part of the economy, we would have to take into account the broader picture ‘no and practically the broader objective of assuring or ensuring that we will keep the momentum of growth going; we’ll continue the progress that were made in recent months in slowing down inflation; that we do not also slowdown the progress that we are making in the labor market. As you have seen, the labor market has been showing us lower and lower unemployment and underemployment rates, and we want to continue those, as well as, perhaps more importantly, improving the quality of employment.
So those considerations have to be taken into account in approving requests or appeals or things like higher transport fare. But ultimately, it will also depend on the evaluation of the concerned agencies ‘no, the implementing agencies.
MS. DAPHNE OSEÑA-PAEZ: Okay. Alexis Romero, Philippine Star.
ALEXIS ROMERO/PHIL STAR: Secretary, iyong nabanggit ninyong growth target na six to seven ‘no, you’re still confident of achieving at least the lower end. But what are the downside risks to that target?
NEDA SEC. BALISACAN: Well, the downside risk is the inflation especially that the oil prices are picking up again, the global oil prices; the staples like rice in the global market, prices are also … they are also, you know, rising. We are positioning ourselves though to ensure that while these developments are adverse to our objectives in keeping inflation to further slowdown, we need also to ensure that we are in good command of our policy tools for example, looking at enhancing the availability of stocks so that we can prevent untoward increases or upward pressure in prices in the near term.
ALEXIS ROMERO/PHIL STAR: So, aside from—apparently, you were referring to underspending when you mentioned the need to fast track iyong mga projects, ‘di ba, Sec. Aside from iyong fast-tracking iyong government spending, what other measures will the government undertake para ma-achieve iyong at least lower end ng growth target for 2023?
NEDA SEC. BALISACAN: I think the progress in slowing down of inflation ‘no. Inflation has always been a major concern because when inflation, high inflation persists, that discourages or depresses domestic demand. And as we have seen, we have made significant progress since January of this year in slowing down inflation and we would want to continue moving in that direction. And if we do that, if we succeed on that, that will be a big boost to our domestic demand and to our growth.
At the same time, we are keeping watch on agencies and putting pressure on each other to ensure that the progress we are making in easing the business conditions particularly those that impact in the ease-of-doing business, this we have to address. Remember that our goal, and I kept on saying that what we need, first and foremost, is massive investment ‘no to improve the quality of jobs. Because as an economist looking at the problem, it’s not so much anymore the jobs per se that are the problems but it’s the quality of the jobs that are there.
And, of course, we need nothing less than investment not just in the public sector but even more importantly, in the private sector that makes that improvement and the quality of jobs possible.
MS. DAPHNE OSEÑA-PAEZ: Okay. Allan Francisco, PTV 4.
ALLAN FRANCISCO/PTV4: Hi, ma’am. Hi, Sec. Good morning. Sir, in the long run, how could this infrastructure flagship program help in or could help resolve the traffic problem of our country, particularly you mentioned the Metro Cebu Expressway, the Daang Maharlika improvement?
NEDA SEC. BALISACAN: The big push that we are making is improving connectivity, both physical and the internet connectivity. With respect to the physical connectivity, what we want to achieve is to connect these lagging areas or regions of the country with those that are doing well, rapidly growing, so that we can create more opportunities not just in few places but in many more places of the country, particularly nationwide, that will disburse opportunities, particularly employment opportunities; and that can substantially improve traffic. If we can, there’s no reason why people have to migrate to Manila to just find work here, and neighboring areas or other regions of the country can also have those potentials.
And that has been a well-identified issue for investors in the Philippines, is the lack or poor quality of our infrastructure particularly connectivity, internet, communication and, you know, all these transport issues.
MS. DAPHNE OSEÑA-PAEZ: Harley Valbuena, DZME.
HARLEY VALBUENA/DZME: Hi, Secretary. Doon po sa ongoing projects natin, may we know na lang po if mayroon ditong matatapos or makukumpleto na at least within the year? Or kung wala po, at least iyong pinaka-immediate po, kailan po iyong year na nakikita nating may makukumpleto?
NEDA SEC. BALISACAN: Actually, there are many projects that are expected to be completed within the year, next year. And, of course, some of these projects were started by the previous administration that this Marcos administration decided to continue because they are good projects. So I have those numbers. Let me see, a number of them, I think, these are over—I can provide those numbers. Here—for 2023, we have 12 of those projects and four of those projects are on schedule and one is ahead of schedule. The rest have some challenges, but we are speeding up addressing those challenges. But at least, we have 12 of those projects. And next year, we are expecting about 16 of those projects completed and so on. So, we keep this progression, but we also are making sure that we are starting new ones so that tuluy-tuloy iyang progress natin. So, many of the projects that we are actually starting now, will be completed by the next administration.
HARLEY VALBUENA/DZME: Sir, iyong 12 projects to be completed this year, lahat po iyon under Duterte admin pa?
NEDA SEC. BALISACAN: Let me see – a good part of them, yes. Let’s see if I have those with me. No, I don’t have it with me. But you know you can go to the website of NEDA. There is a dashboard there. You click those ongoing projects and you click 2023 and you will see all the names and with all the specifics, all the details there. It’s so user-friendly, you will not [unclear] it’s so visual.
JEAN MANGALUZ/INQ.NET: Hi, Secretary. Can I just ask, what are the concrete ways in which the regular citizens of Marawi will feel the ODA from China and when will it arrive?
NEDA SEC. BALISACAN: Well, these are fire trucks that were delivered by China. And the fire station, that’s one of those that were damaged during the siege, and I think, that should help them. But, I think that we need to speed up the rehabilitation there. It’s been quite a while since the siege and, I think this is a good project.
JEAN MANGALUZ/INQ.NET: Sir, one quick follow-up. How does NEDA respond to calls to boycott business with China given the situation in the West Philippine Sea?
NEDA SEC. BALISACAN: I think we have to look at this issue in a broader scale. I don’t think that in the history of the world that boycott will work. That has been proven many times in the history of nations. So, we have to, you know as the President said, we are enemy to none, we are a friend to all, so let’s keep it that way. We just have to use the diplomatic channels to get our issues addressed. But the economy must, by all cost be protected. So, that’s what you don’t want na—we don’t want to cut. All these economies, including China or even particularly China, are now part of the global value chain. Our economy is part of the global value chain. We are linked to China directly or indirectly. And that should not be the approach that we take in dealing with our neighbor.
KYLE ATIENZA/BUSINESS WORLD: Sir, has the tariff commission sought the comment of NEDA on the review of the Most-Favored Nation tariff, sir? And is NEDA in favor of extending the reduced tariff amid elevated prices?
NEDA SEC. BALISACAN: Well, yes. NEDA is part of the—in fact, is the vice chair of the Committee on Tariff and Related Matters and the tariff commission that initiates the consultation and review of the matters for presentation to the NEDA Board is attached to the NEDA. So, I am on top of the situation.
KYLE ATIENZA/BUSINESS WORLD: Is NEDA in favor of extending the MFN tariff, sir, amid elevated price?
NEDA SEC. BALISACAN: They still have to present the study to us. But, in so far as the –we have a NEDA Board decision extending the low tariff for essential commodities including I think rice. When I say low, I mean it’s a reduced from the very high of 50, at that point, I think 35% tariff. And that is supposed to expire in December, I believed, and will have to review the circumstances today still warrant further extending those tariff rates. And if given the situation now, as we actually see it, the world prices of rice have been rising. With the effects of those floods and the typhoons that hit us, we have to be careful about reversing the gains. And so, I would think that when it comes to now lifting those low tariffs for those essential commodities, my position is, probably not the right time. But again, that depends, it’s only August and that has to be—and the expiration of the current arrangement is December of this year.
ALEXIS ROMERO/PHIL. STAR: Secretary, you mentioned earlier one of the downside risks for the growth is inflation. And then, you also mentioned that inflation is one of the factors that we have to consider when deciding on fare hikes. Last year, a petition for a one peso pay hike was seen as stoking inflation and now we have groups seeking a P5 fare hike for minimum fare hike for the jeepneys. So what do you think will be the impact of a P5 request for a fare hike sa ating inflation, will stoke inflation, what will be its impact on the economy in general?
NEDA SEC. BALISACAN: I don’t have the numbers now. But, we can look at it. Of course, it depends on what areas are covered, is that P5 fare are going to be applied nationwide? Is it going to be applied only to jeepneys or motorcycles and things like that? We will need more information, but definitely in most instances, practically or actually all instances concerning request like this, the view of NEDA is sought. And so, I haven’t seen the report of our staff yet on this, but should report on me soon.
KATRINA DOMINGO/ABS-CBN.COM: Sir, just a follow-up on the target. Historically during “ber” months, the Philippines usually see a surge in spending. Do you expect that that expected surge to actually contribute to the Philippines hitting its growth target or is the NEDA already seeing stricter spending patterns among OFWs because of global headwinds?
NEDA SEC. BALISACAN: Actually, if you look at the patterns of remittance inflows, when things get bad, those remittances is actually increased, it becomes quite robust. And so, we call it counter-cyclical, this inflow of remittances especially when the economy is going into a challenge that somehow helps us recover quickly, so there is a positive factor that we are seeing. But I think that what will drive the spending is the expectation, the sentiments of our people regarding inflation and the interest rates. The hikes in the interest rates that we have seen last year, during the second half of last year in particular, are still felt today and will continue to be felt although in a declining phase to the end of the year and perhaps even early next year.
But, I think that the inflation, the decrease in the inflation will … or expected decrease in the inflation will buoy consumer spending I think, except for a few perhaps challenge commodities particularly those are affected by flood where we may still be facing some challenges.
ALVIN BALTAZAR/RADYO PILIPINAS: Secretary, magandang umaga po. Sir, in general, what is our projection as far as Philippine economy is concerned with the advent of the “ber” months?
NEDA SEC. BALISACAN: As we said in the second half, we’re sticking to the target of 6.6% to achieve a full-year growth of at least 6% ‘no. So, that’s… as I said earlier is achievable.
ALVIN BALTAZAR/RADYO PILIPINAS: Do we expect more opportunities like more jobs, iyong nabanggit ninyo kanina na remittances? Mas lalakas ba iyong ekonomiya natin?
NEDA SEC. BALISACAN: Yeah. The reason that we have been very aggressive in achieving/pushing for high economic growth is because we want jobs to be created and not just a few jobs… many more jobs. And if the growth is coming in sectors that create jobs – for example in the services sector, industrial sector, in agriculture … whenever growth is firm in those sectors, we will get more jobs.
Now as I said and I keep repeating this because for us, it’s also about the quality of jobs – we want the quality of jobs available, the opportunities that are made available of the high quality type. Those that can generate more remunerative opportunities ‘no, employment opportunities.
For example, when factories are opened up because businesses are betting on us, then the jobs that are created are of better quality than what you find in the informal sector or even in most agricultural activities for example, so we need more of those kind of investments in industry, in services. And the other high-quality jobs are those in infrastructure that’s why our push for infrastructure is a very much employment-creating. And as I was looking at our, for example our housing program, we are aiming for a big push on construction to meet our backlogs in housing ‘no.
The housing construction has quite extensive, downward and upward linkages and those linkages create a lot of jobs – in construction and supplies, construction materials and so on ‘no. So, with the big push in infrastructure, we’re going to see a lot of those job opportunities. But more importantly, because we’re addressing the constraint to growth, constraint to investment through this infrastructure development, we should see more investments by the private sector – and that again will be the quality jobs that we are looking at.
MS. OSEÑA-PAEZ: Nestor Corrales, Philippine Daily Inquirer.
NESTOR CORRALES/PDI: Good morning, Secretary. Agriculture Undersecretary Leocadio Sebastian told lawmakers yesterday that the President’s promise of bringing down the price of rice at P20 per kilo remains a far-fetch possibility citing several external factors. Do you agree with this? Will Filipinos ever see a P20 per kilo rice under this administration?
NEDA SEC. BALISACAN: Our position has always been that we need to increase productivity in agriculture, all right? What drives low prices are increases in productivity: If you can increase substantially the productivity of our farms for example, our current yield per hectare is about four tons per hectare ‘no. Why can’t we raise that to six, to seven tons per hectare just like many other countries, right?
And we know what needed to be done to achieve those – you need to invest in irrigation, you need to invest in modern high-yielding varieties, you need to invest in pest control and so on ‘no… invest in logistics. Unfortunately, those cannot be done overnight ‘no, especially as I was saying earlier – you need investment, you need the private sector to invest in logistics, to invest in post-harvest facilities, we need government to build more irrigation systems, durable and resilient irrigation systems, we need to develop varieties that are resilient to climate change, to floods. You know, those cannot happen overnight.
But if we can do this and if we can do that, we should be able to reduce prices substantially. Prices need not this be high. As you can see it from other countries – you look at Thailand, you look at Indonesia, Vietnam their prices are much lower than us because their productivity is high, farm productivity is high. We have neglected agriculture for decades and that’s what we are trying now to reverse. We are putting a lot of resources into agriculture intended to create those productivity growth.
NESTOR CORRALES/PDI: Secretary, with these interventions and the agri policies being undertaken by the government, do we have a timeline or kailan po kaya maaasahan ng Pilipino iyong twenty pesos per kilo na rice? Mayroon ba kayong timeline na tinitingnan?
NEDA SEC. BALISACAN: We should have done this, as I said those investment many years ago ‘no. But there’s a lot of catching up. Even the infrastructure that we have just discussed earlier ‘no, many of those are going to be completed beyond 2028, the time of the President.
But we are not looking just at this time period – we are looking at the sustainability, we are looking at the medium term for us. The Marcos administration—look at Ambisyon Natin 2040 as its peg for its medium-term plan ‘no. Iyong Ambisyon Natin 2040 that said the prosperity, the inclusive prosperity, the shared prosperity that we all want by 2040. But that progress has to be sustained over the next two more administrations after the Marcos administration. So, ganoon iyong catch-up that we as a country need to do to join the ranks of our neighbors.
So, you know … I can’t say that, “Oh, by next we should be able to…” that’s asking for the moon, you know. It’s … you know, that’s not going to happen because as I said, there’s so much catchup thing to do, so much constraints that we are now addressing. But of course, it’s whole-of-society ‘no; we need to get everyone part of this whole game.
MS. OSEÑA-PAEZ: All right. Last question—wait, Cresilyn Catarong.
CRESILYN CATARONG/SMNI: Good morning, Secretary. Manghihingi lang po kami ng update doon sa pag-imprenta po at distribyusyon po ng national ID cards. Marami pa po sa ating mga kababayan iyong hindi pa po—buwan na po, halos taon na po hindi pa rin natatanggap iyong kanilang ID cards at gaano kalaking tulong po sa ekonomiya ng bansa kung makumpleto na po iyong pag-isyu ng national ID?
NEDA SEC. BALISACAN: Yeah. No less than the President has been monitoring closely the completion of this project. There have been some delays but the situations are being—the problems are being addressed. For example, we have now agreed that the provision of the digital ID—before, the thrust was to distribute physical ID but that was before the pandemic right. But the pandemic changed the whole game. Now we just—people are more conversant and they like the digital, right? This changed the whole game.
So, unfortunately the contract that was issued before the pandemic was for the provision of physical ID and the distribution of the physical ID – that’s where the whole…a big part of the problem was. Instead of shifting to digital ID, we left that as a second priority than a first priority. But that now has changed; we realized that we should first make those digital IDs so that anyone who has a phone can already use the digital ID and that is now the primary responsibility of the DICT.
There’s now an agreement between the Philippine Statistics Authority and the DICT to transfer the provision of digital ID to DICT, while PSA will continue with its physical ID production and distribution. And I think, we are more than halfway in the physical ID but I said we want to speed up the digital ID so that, sana before the end of the year kumpleto na lahat, everyone will have a digital ID.
It’s very important for us that that’s completed because it will reduce transaction cost in government as well in the private sector. It will allow us to save a lot of resources from our ayuda because many of the income transfers targeted for the poor do not end up with the poor because there are leakages. But with the digital ID the ayuda or transfer income support like the DSWDs food stamp program for example will now be delivered through the digital card ‘no, with the use of the digital IDs. So, each one of us will have a unique ID, unique number and you can no longer tamper with that. So, wala na iyong nagdudoble iyong benefits na nari-receive or ghost beneficiary or mga ganoong klaseng issues.
MS. OSEÑA-PAEZ: I might add also. In the last sectoral meeting, August 15, with the DICT they did mention that they are standardizing all the information that’s coming in being gathered by the different agencies and from the national ID process to standardize it all because all the agencies are going to be using this digital ID system and that’s also what the President wants – it’s centralized and it’s available to all agencies.
Okay, we’re good? Tuesday Niu and then, Maricel Halili.
TUESDAY NIU/DZBB: Hi, Secretary. Sabi po ng Department of Budget and Management na nabigo iyong unang pag-aaral nila para sa panukalang panibagong Salary Standardization Law for next year sana. Kayo po ba ay nakonsulta rin hinggil dito at if so, sir, ano po ang position ng NEDA para sa panibagong panukala na ito? At hindi po ba makatutulong din sa pag-ikot ng ekonomiya kung madadagdagan ang suweldo ng mga kawani ng gobyerno?
NEDA SEC. BALISACAN: That’s right, pinag-aaralan naman iyan. I think that the economic managers do coordinate, do talk about important programs like this ‘no. Of course when we decide whether to give and at what level we give, I think it’s just a question now of how much but I think that there’s a provision in the budget for 2023 for example for salary increase ‘no but it’s just a question of what is affordable from the viewpoint of the broader interest because we have to look into the other issues it’s not just the workers in government.
We do care of course about the welfare of the government but we work as a country, we look at the other issue we to make sure that we are not … because in the budget you know we have a ceiling so if you put more money for government workers you have to take that away from somewhere, right? Are you taking that away from the health, from the education, from social protection iyong mga ganoon ‘no, so we have to weigh carefully the other interest to make sure that what we achieve is a win-win situation.
MS. OSEÑA-PAEZ: Maricel Halili for the last question.
MARICEL HALILI/TV5: Sir, just a quick clarification, follow-up po kay Nestor’s question. You mentioned earlier that there’s a lot of catching up that we have to do because we have neglected agriculture sector for decades, does that mean that it will be difficult for us to achieve 25 pesos per kilo of rice before the end of this administration?
NEDA SEC. BALISACAN: I’m not saying that. It may still be possible. Again, we are not in control of so many things ‘no. Assuming that we will progress in raising productivity, you should be able to increase the purchasing power. Alam ninyo, ang pinakaimportante naman sa farmers, sa poor is iyong purchasing power nila. So, if we can prevent the purchasing power of every Filipino from being eroded by inflation that is a good direction to take ‘no.
So, we can increase the purchasing power of the poor if we can get those prices coming down, not just the inflation rate coming down but the absolute prices coming down. So iyon ang goal natin, we are looking at the broader picture again it’s nice to look at one commodity like rice. But in our framework for prosperity and inclusivity for all, we look at those other considerations that matter most. Kasi if you reduce naman prices of rice halimbawa to 20, you can actually do that but if you don’t increase productivity while you are doing that then the farmers will suffer, the rice farmers will suffer. So, that’s one thing that you have to understand.
Our President make a promise to reduce the price of rice that has to be taken in the context that what we will do is to increase productivity. Because if we reduce the prices of rice at that level without a commensurate increase in productivity, who will suffer? It’s the farmers that we are trying to protect, right? So, we should be very careful, that you are looking at this game in a comprehensive manner as possible.
MS. OSEÑA-PAEZ: Okay. Well, thank you so much, Secretary Balisacan. Thank you for the updates on the 8th NEDA Board Meeting and other socioeconomic issues. Thank you, Malacañang Press Corps. Have a good afternoon.
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News and Information Bureau – Transcription Section
