MANILA, Philippines - The government vowed that it will ensure there is an adequate supply of substitute products for corn, rice and other agricultural goods that were affected by the ongoing drought.
At the joint press conference of various economic managers yesterday, Trade Secretary Peter B. Favila said that they are now working on ensuring that people will be able to buy other products in place of those which were damaged by the severe heat and lack of water.
According to Favila, most of the goods that were affected were agricultural products. He said that he is working closely with the Agriculture Department.
Favila said that they have already expected an increase in the prices specifically for agriculture products. “We are ready for it.” However, Favila stressed that there is no reason for the price of processed food products to go up immediately.
He said that he will call retailers for a dialogue to discuss whether price increases are justified. He said that if there really is a reason to raise prices then they will inform the public and adjust the standard retail price but if not then the current SRP remains.
Likewise, Favila said that he has already redirected part of the P1-billion export support fund to the government’s calamity fund. Favila said that the money is now needed by people hit by calamities and not the exporters.
Favila said that exporters do not need the money anymore because the global crisis is already over. “The agreement was very clear. They (exporters) will be supported during times of crisis. The government cannot provide everything,” Favila stressed.