Push Admin

Former NEDA chief to Marcos: Stay home and fix agriculture problems

Article (news)

Warren de Guzman, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/02/09/20230209-pernia-marcos.jpg" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/life/02/09/20230209-pernia-marcos.jpg"/></figure></div><p>MANILA - President Ferdinand Marcos Jr should consider cutting back on foreign trips and focus more on solving the country’s problems, especially in agriculture, a former socioeconomic planning secretary said on Thursday. </p><p>Former National Economic and Development Authority Secretary Ernesto Pernia said some of Marcos’ trips abroad could have been put off considering the multitude of local problems. </p><p>“There are just too many problems that need to be attended to. Maybe a couple of trips are fine, three trips at the most in his first semester of being President. Then show as an exemplar, attending to agriculture, which he deliberately decided to head himself, because it is a very critical department and food is really the, one of the problems we are facing now,&quot; Pernia said during a forum of economists. </p><p>Marcos is now in Japan, his 10th foreign trip since assuming power. Malacacanang said the President has gathered pledges from investors during these <a href="https://news.abs-cbn.com/pbbm-trips">trips</a>.</p><p>Pernia however said he believes fixing the country’s problems would eventually do more to boost investor confidence and boost investment. </p><div><strong>INFLATION AND GROWTH</strong></div><p>High prices of food items, like onions, pushed up <a href="https://news.abs-cbn.com/business/02/07/23/inflation-quickens-to-87-percent-in-january-2023">inflation</a> to a 14-year high of 8.7 percent in January, which was above even the central bank’s forecast range. </p><p>Jonathan Ravelas, managing director at eManagement for Business and Marketing Services, said inflation can weigh down consumption, which is a key growth driver. </p><p>Alvin Ang, chair of the Ateneo de Manila Economics Department said inflation is also exacerbating inequality. </p><p>“You really don’t want growth to be inequitable. We want people to catch up. The disposable income of the rich is actually 14x the lowest decile. That is a huge difference and that inequality is being felt by the majority,” Ang said. </p><p>He noted that recent jobs data from the Philippine Statistics Authority presents some troubling trends. Jobs are being created in services and industry, but agriculture is losing jobs. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/26/23/ph-economy-exceeds-target-grows-76-percent-in-2022">Philippine economy exceeds target, grows 7.6 percent in 2022</a></li></ul><p>The Development Budget Coordination Committee targets a growth rate of 6 to 7 percent for 2023, while putting the inflation outlook at 2.5 to 4.5 percent. These forecasts were released in December 2022.</p><p>Ravelas said the economy may grow by between 5.5 and 6.75 percent this year, while Ang said 7 percent growth is still possible. </p><p>The key will be slowing down inflation, the two economists said. Both also warned that the Bangko Sentral ng Pilipinas may be forced to raise rates further to keep inflation expectations in check, and to prevent any negative impact on the Philippine peso from further Federal Reserve tightening. </p><div><strong>MAHARLIKA DISTRACTION</strong></div><p>Former BSP Deputy Governor Diwa Guinigndo meanwhile lauded the recently unveiled Philippine Development Plan, but warned that the Marcos administration may be getting distracted by other matters, including the proposed sovereign wealth fund. </p><p>“Good governance should be maintained. Any semblance of departure from good governance will be costly. I submit that perhaps the MIF [Maharlika Investment Fund] should be given a fine toothed comb before this is passed in Congress. Many indications show it is untimely because we have no surplus fund to invest,” Guinigundo said. </p><p>The former central banker said proposals to fund the MIF through contributions from the government-owned and controlled corporations was “self-defeating.” </p><p>“Anything taken from GOCCs or government-owned and controlled corporations, GFIs, Government Financial Institutions, and the Bangko Sentral ng Pilipinas or BSP deprives the government of funding the budget deficit. Either the NG borrows more, or imposes higher taxes, or does both. To me that is not going to be optimal. Let me just say that we have an excellent development plan, but there are wild cards, and those are some of the wildcards.&quot;</p><p>Marcos has also rejected a proposal to use a portion of the annual income of GOCCs as seed capital to jumpstart the proposed Maharlika Sovereign Fund.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/09/23/ph-economy-may-slip-below-target-in-2023-ing-bank">Philippine economy may grow below target at 5 pct in 2023: ING Bank</a></li>	<li><a href="https://news.abs-cbn.com/business/01/23/23/marcos-jr-nixes-proposal-to-source-maharlika-fund-from-goccs">Marcos Jr. nixes proposal to source Maharlika fund from GOCCs</a></li></ul><p>RELATED VIDEO</p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/UPjSQVdMFY4?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Marcos should consider cutting back on foreign trips and focus more on solving the country’s problems, especially in agriculture, a former socioeconomic secretary said. 

Former NEDA chief to Marcos: Stay home and fix agriculture problems

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Traffic

Manila

Horoscope

Business

Former NEDA chief to Marcos: Stay home and fix agriculture problems

Warren de Guzman,

ABS-CBN News

Published Feb 09, 2023 02:34 PM PHT

Read More:

Marcos abroad

Pernia

NEDA

economy

inflation

onions

agriculture

GDP

Guinigundo

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.