IN order to combat the rising consumer prices, the government will continue to import more essential goods and ensure increased agricultural output, Finance Secretary Benjamin Diokno said. "We will continue to import if demand exceeds supply. So, if there will be a shortage, we will continue to import for our food requirements. And that's to keep the prices reasonable and affordable to the ordinary people," he said during an ANC interview on Wednesday. Diokno said the Philippine will be importing rice, pork and other products to make and will continue to do so until such time that the shortage narrowed. In addition, he said the government had plans to simultaneously increase agriculture's productivity and efficiency, adding that this was one of the factors in President Ferdinand Marcos Jr.'s decision to lead the Department of Agriculture. "We will go hand in hand — increase production, but at the same time import while there's still a gap," Diokno added. The Finance chief further said in addition to its commitment to raising sector productivity, the government also depends on the involvement of the private sector. The national government would also work with local governments to enhance agricultural output. His comments were sought after the Philippine Statistics Authority reported on Tuesday that the country's headline inflation rate picked up to 6.1 percent in June, the highest in more than three years.
Diokno also touched on a few of the objectives outlined in the government's medium-term fiscal framework. "We have set our goals, like for example, this year we expect the economy to grow by around 7 percent and for the next five years thereafter, around 6.5 percent. And then, we plan to reduce the debt-to-GDP (gross domestic product) ratio, we plan to reduce the deficit-to-GDP ratio, and we plan to reduce poverty incidents to single digit," he explained. Diokno said that in order to accomplish objectives, the government will focus on all sectors, particularly mining, industry, tourism and agriculture. He added that the Duterte administration's initiatives to combat climate change will be continued by the Marcos administration. "As you know, the Philippines is probably one of the most vulnerable with respect to climate change. And so it's in our own interest that the movement toward climate change should be supported," Diokno said. "At the same time, on the tax side, I think we should think of some measures that we can do to reduce pollution. For example, tax on single-use plastic is worth considering." Regarding spending, he suggested that the government take into consideration a collaborative effort between the national and local governments on various green initiatives, such as clearing rivers, planting trees and growing mangroves, among other things.