AS the Philippines grapples with the volatility of rice prices, the delicate balance of agricultural policy and monetary policy comes into sharp focus.
The warnings from former Bangko Sentral ng Pilipinas deputy governor Diwa Guinigundo underscore a pressing concern: the precarious state of rice supply could undermine the effectiveness of monetary policies designed to foster economic stability and growth.Rice, a staple that holds an 8.9 percent weight in the Consumer Price Index , is more than just a dietary staple; it is a critical indicator of economic health.
While the decision to release 300,000 metric tons of rice from the National Food Authority reserves is a step towards addressing the crisis, the real impact may be minimal. Guinigundo highlights that this quantity barely scratches the surface of the country’s daily rice consumption. The NFA’s approach—selling rice through government-run Kadiwa centers—raises questions about sustainability and effectiveness.
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