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Live: Senate hearing on food price hikes
(Philstar.com) – 1 February 2021 – 8:55 am
MANILA, Philippines – Senate panels are holding an inquiry Monday morning over rising food prices in a bid to find ways to manage the cost of basic commodities through legislation.
The committees on Agriculture, Food and Agrarian Reform and on Trade, Commerce and Entrepreneurship will hold the hearing, which was prompted by separate resolutions presented by Sens. Leila De Lima, Francis Pangilinan and Imee Marcos.
“Agricultural commodity prices in the market continued to rise as the Filipinos welcomed the new year,” De Lima said in its resolution.
“The Department of Agriculture price monitoring showed a 66% increase in vegetable and meat prices from December 2020 as supplies to all foodstuffs have strengthened for several reasons,” she added.
De Lima said that “the rise in prices of these basic commodities is an additional burden on those whose incomes had fallen due to the economic shocks caused by the pandemic such as loss of employment and unemployment.”
READ: Home search is required for rising pork prices
A similar resolution was introduced in the House of Representatives by Rep. Stella Luz Quimbo (Marikina). In presenting its resolution last week, Quimbo said that the year-over-year inflation rate for meat rose to 9.95% in December 2020 from 8.15% last month, and that by January 2021, pork prices by minorities have increased by 55% from the same period last year.
In addition to moves in the legislature to watch prices rise, President Rodrigo Duterte is also expected to issue an executive order to set price limits on pork and chicken. EO can also cover other basic goods.
Watch the Senate hearing live at 9 a.m., Feb. 1, 2021.
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