DEPDev says confident Super El Niño won’t affect inflation
Street vendors tend to their stalls selling tomatoes and various vegetables in Paco Market in Manila on September 8, 2023. Jonathan Cellona, ABS-CBN NewsMANILA – The Department of Economy, Planning and Development (DEPDev) is optimistic that the ongoing very strong El Niño will not affect the country’s inflation, citing government preparations.
The Philippine Statistics Authority earlier reported that inflation in the Philippines accelerated to 7.8 percent in October — its highest level in nearly four years.
DEPDev Undersecretary Rosemarie Edillon said they are seeing potential internal shocks such as the Super El Nino as one of the pressures that might cause inflation to surge.
However, she said it all boils down to how the government will be ready to mitigate its effects to the public.
“We’re actually pretty confident sa ginagawang paghahanda ngayon ng mga ahensya natin… para nga hindi masyadong maapektuhan ‘yung ating mga presyo,” Edillon told state-run media PTV Monday, Nov. 9.
Edillon cited the El Niño phenomenon that hit the country back in 2015, when she said prices of goods and services were unaffected.
The economic official also hopes the current downward trend in global oil prices will continue.
Edillon also assured regular monitoring to arrest inflation, as she also underscored the importance of strategic trade policies to ensure sufficient supply.
“Dahil mahihirapan tayo sa ating domestic production dahil sa challenges sa weather, so puwede tayong magkaroon ng mga agreement para ma-augment ‘yung ating supply,” she stated.