Tacloban: The Department of Economy, Planning and Development (DEPDev) has emphasized the urgent need to bolster support for farmers in Eastern Visayas, as the region grapples with an 8.5% inflation rate, driven by soaring fuel and fertilizer costs.
According to Philippines News Agency, DEPDev 8 Director Meylene Rosales highlighted the critical necessity for government intervention in providing subsidies to farmers, who are currently struggling with the escalating costs of essential agricultural inputs like fertilizers and pesticides. "Our farmers have been suffering from high cost of fertilizers and pesticides. These are inputs to farming and they could not produce food without them. The government should really step into the picture and provide subsidies since this will threaten food security. We don't want that to happen since that would be a serious problem," Rosales stated.
The rise in fertilizer prices is attributed to increasing global oil costs and tensions in the Middle East, with urea prices soaring from PHP1,600 to between PHP2,600 and PHP3,000 per 50-kg bag. Complete fertilizers have also escalated, now priced at about PHP2,100 per bag. The Philippine Statistics Authority (PSA) reported that the region's inflation rate in April reached 8.5%, largely propelled by these rising oil prices.
This inflation rate is the highest since March 2009, even surpassing the figures recorded after Super Typhoon Yolanda in 2013. The region's inflation rate had hit 8.3% in February 2014 in the aftermath of Yolanda. Rosales commented on the impact of this inflation, noting, "High inflation means very fast movement of prices. The purchasing power of the poor will be adversely affected. This is a natural consequence of the global oil crisis that we are facing and completely beyond our control."
The current inflation rate far exceeds the targets set under the 2023-2028 Regional Development Plan, which aimed for a 2% to 4% inflation range. With food inflation on the rise, ensuring food security has become a top priority, as defined by DEPDev as having a sufficient, stable, nutritious, and affordable food supply.
