CITY OF SAN FERNANDO, Pampanga – Various interventions are in place to ease inflationary pressures in Central Luzon, the National Economic Development Authority Regional Office 3 (NEDA 3) said on Wednesday.
NEDA 3 economic development specialist Al Jonnel Espiritu said policy interventions are being implemented to manage the supply and prices of basic commodities in the region.
He said the interventions being implemented include the Kapatid Mentor Micro Entrepreneurs – Money Market Encounter of the Department of Trade and Industry 3, National Fish Broodstock Development Program and fuel subsidy program of the Bureau of Fisheries and Aquatic Resources 3, and High-Value Crops Development Program of the Department of Agriculture 3.
To preserve the purchasing power of the households, Espiritu said there is a need to control the inflation of food items as food takes the largest share in the expenditures of households.
“The food group remains the major driver of inflation pushed by the price increases in rice, meat, fish, milk, sugar, and oils, among others. Likewise, the inflation in electricity, fuels, gasoline, and passenger transport gave weight to the month’s inflation,” he said in a social media post.
Espiritu said protecting the purchasing power, particularly for food, is a major objective in the strategic framework of the Central Luzon Regional Development Plan 2023-2028.
Data from the Philippine Statistics Authority-Regional Statistical Services Office (PSA-RSSO) showed that inflation in Central Luzon rose to 7.1 percent in September from 6.5 percent in August 2022.
PSA-RSSO 3 regional director Arlene Divino said the uptrend in inflation in Central Luzon in September was primarily brought about by a higher annual increment in the index of food and non-alcoholic beverages at 6.3 percent from 4.9 percent in August 2022.
Despite the high inflation rate, NEDA regional director Gina Gacusan cited the positive developments in the region’s business climate.
Gacusan said Central Luzon emerged as the most favored investment destination among regions for the second quarter of 2022, contributing to more than half of the total approved investments in the country.
She also underscored the strong rebound of the tourism industry after the region accommodated more than a million visitors during the second quarter of this year. (PNA)