NEDA chief downplays impact of Egay, Habagat on inflation, rice supply

National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Wednesday brushed off the potential impact of Typhoon Egay and the enhanced monsoon rains on inflation and rice supply.

“In the meantime, I think the impact on inflation is not going to be that much. But still, as I said, the events are still unfolding. The thing is this June, July, August is not really the harvest season in many parts of the country for basic agricultural products so I think that the damage is not that substantial,” Balisacan said in an interview on ANC.

“So, I do think that the impact on the overall national economy is not that serious at this point,” the NEDA chief said.

Latest data from the Department of Agriculture showed the total damage and losses in the agricultural and fishery sector stands at P2.89 billion affecting 142,365 farmers and fisherfolk, with total volume of production loss at 98,217 metric tons (MT) and 163,722 hectares of agricultural areas.

The country’s chief economist, however, added that “so far, in the case of basic commodities, like rice, we have adequate stocks.”

At a televised public briefing, DA Undersecretary Leocaldo Sebastian said the country currently has some 7.6 million metric tons (MT) of rice — 5.7 million MT produced during the dry season, and 1.9 million MT from imports, noting that the country has enough supply of rice to last for the coming months. 

According to DA Undersecretary Leocaldo Sebastian, the country currently has some 7.6 million metric tons (MT) of rice — 5.7 million MT produced during the dry season, and 1.9 million MT from imports.

“Pagsamasamahin mo ‘yun, sapat na sapat ‘yung ating pangangailangan hanggang sa mga susunod na buwan,” he said during the televised public briefing.

“Nasa kasagsagan na rin tayo ng pagtatanim at nage-expect tayo na nitong August meron na ring mga magha-harvest, September marami nang magha-harvest, so mayroon naman tayong sapat na supply ng bigas,” he added.

(Combine that, and that is enough for our needs until the coming months… We are also in the midst of planting and we expect that there will be a harvest in August, and a lot in September, so we have enough supplies of rice.)

This comes after reports indicated that the rice stockpile of the National Food Authority (NFA) of 60,819.95 MT is seen to last only for two days based on the daily consumption rate of 679,670 bags or 33,983.5 MT.

Data from the Philippine Statistics Authority (PSA) showed that the NFA’s share to the country’s total rice stock — registered at 1.41 million MT as of end-March — is only 7.3%.

The DA said the following assistance are available for distribution to affected farmers and fishers:

• A total of 111,873 bags of rice seeds, 14,426 bags of corn seeds and 2,582 kilograms of assorted vegetable seeds from the regions affected by EGAY (CAR, Regions I, II, III, CALABARZON, MIMAROPA, VI, and XIII)
• Drugs and biologics for livestock and poultry
• P62,000 worth of tilapia, carp, and catfish fingerlings to affected fisherfolk from Bureau of Fisheries and Aquatic Resources (BFAR)
• P5.9 million worth of fuel assistance for fisherfolks in CAR, Regions I, II, and III
• P1.9 million worth of repair and maintenance for damaged motorized boats
• P200 million worth of Survival and Recovery (SURE) Loan Program from the Agricultural Credit Policy Council (ACPC) with loanable amount of up to P25,000 payable in three years at zero interest
• P500 million worth of Quick Response Fund (QRF) for the rehabilitation of affected areas.

— Ted Cordero/RSJ, GMA Integrated News