Agriculture Secretary Francisco P. Tiu Laurel Jr. said Friday the Department of Agriculture is intensifying efforts to keep food prices stable through the holiday season, pointing to the sharp drop in rice, corn, vegetable, and meat prices and their crucial role in preserving the spending power of Filipino consumers—especially the poor.
His remarks came as headline inflation eased to 1.5 percent in November, the slowest in three months, according to the Philippine Statistics Authority. Even more significant: for the country’s poorest 30 percent of households, deflation persisted at 0.2 percent, following a 0.4 percent decline in October and far below the 2.9 percent inflation logged a year earlier. The shift signals rare breathing room for low-income families whose budgets are heavily dominated by staple foods.
Economic Planning Assistant Secretary Divina Gracia Del Prado said falling staple prices—particularly a 15.4 percent decline in rice and 4.1 percent in corn—played an outsized role. “Rice accounts for 8.9 percent of the average Filipino’s consumption, but 17.9 percent of the basket of the poor,” she noted, underscoring why easing grain prices translate quickly into relief on the ground.
“The data behove us to make sure food prices are kept low to ease the financial burden of consumers, especially the poor,” Tiu Laurel said. “The DA has taken steps in recent weeks to ensure prices remain stable, if not lower, especially during the Christmas season when demand surges and price pressures intensify.”
He added that maintaining balance is crucial and challenging: “We are trying our best to support the profitability of our farmers while keeping food affordable for consumers. Despite the number of products we have to monitor, we are slowly rationalizing our food system.”
To maintain price stability, the DA has enforced a maximum suggested retail price on imported rice, onion and carrots, reinstated price caps on pork, and allowed the importation of onions, carrots, meat, and fish to augment local supply and temper price spikes.
Data from the PSA show cereals and cereal products pulled down overall inflation by 3.3 percentage points, followed by sugar and desserts, and fruits and nuts—reflecting broad easing across key food categories.
With the holidays pushing demand higher, officials say steady food prices will be crucial in keeping inflation in check and supporting consumption, the main engine of the Philippine economy.
