More durable infrastructure needed to stabilize food prices

The Philippines needs stronger and more durable technological and logistical infrastructure, particularly in the trade and food production hubs, to stabilize prices and minimize the impact of “external factors” such as climate change, Socioeconomic Planning Secretary Cayetano W. Paderanga Jr. said in a statement.

“The establishment of climate-resilient agriculture infrastructure through enhanced technical design of irrigation and drainage systems and facilities, development of farm-to-market roads and postharvest facilities and trading posts … would substantially raise productivity and fast-track the delivery of goods and services,” said Paderanga, who is also secretary general of the National Economic and Development Authority (NEDA).

The National Statistics Office earlier reported that increases in the prices of food, utilities and fuel pushed the country’s overall inflation to 5.2 percent this October from that of the same month last year. Despite the surge in prices, NEDA noted that year-to-date inflation, based on 2006 prices, still stood at 4.8 percent.

The Bureau of Agricultural Statistics reported high retail price increments for tropical vegetables in the first week of October due to typhoons.

Also, Paderanga said bangus stocks had been reduced considerably because of flooding in Pangasinan and Bulacan, leading to higher market prices.