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No food, oil shortage despite Russia-Ukraine crisis: Finance chief

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Jessica Fenol and Jekki Pascual, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="People visit the Farmers Market in Cubao, Quezon City on February 19, 2022 days after Fitch Ratings affirmed the Philippines" investment-grade="" BBB="" a="" notch="" above="" minimum="" investment="" grade="" which="" provides="" the="" country="" access="" to="" more="" credit="" with="" lower="" interests.="" George="" ABS-CBN="" News="" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/04/05/20220219-covid-farmers-market-cubao-gc-4067.jpg"/><figcaption>People visit the Farmers Market in Cubao, Quezon City on February 19, 2022 days after Fitch Ratings affirmed the Philippines&#x27; investment-grade BBB rating, a notch above minimum investment grade which provides the country access to more credit with lower interests. George Calvelo, ABS-CBN News/File</figcaption></figure></div><p>MANILA - Finance Secretary Carlos Dominguez on Tuesday allayed fears of food and oil shortages amid the ongoing conflict between Russia and Ukraine.</p><p>During the Philippine Economic Briefing 2022, Dominguez said there is no shortage of commodities, fuel, corn or wheat.</p><p>Russia is among the top producers of oil while both Russia and Ukraine are exporters of wheat, which is milled into flour.</p><p>&quot;There is no shortage of commodities, fuel, corn, or wheat...It’s the anticipation of shortages that is driving up prices. It&#x27;s affecting us negatively but we are confident that since our agriculture production in the Philippines, particularly for staple food, is constant, especially rice. We have to manage that very well,&quot; Dominguez said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/07/21/philippines-cuts-pork-tariffs-to-address-supply-shortage">Philippines cuts pork tariffs to address supply shortage</a></li>	<li><a href="https://news.abs-cbn.com/business/02/24/22/fuel-flour-prices-seen-rising-due-to-ukraine-crisis">Fuel, flour prices expected to rise as Ukraine crisis continues</a></li></ul><p>The Finance chief also said there is no global shortage of pork. </p><p>The Philippines, which was hit by the African Swine Fever, is currently restocking its inventory while importing meat to augment its supply. </p><p>World oil forecasts were also &quot;much lower&quot; than the current market price, he said.</p><p>&quot;We think as the year goes on, prices of commodities start moderating downwards,&quot; he said. </p><div><strong>DA SEEKS AGRI BOOST</strong></div><p>In the same briefing, Agriculture Secretary William Dar said the next administration should continue reforms instituted by the current leaders. </p><p>Dar said the Rice Tariffication Law has improved the rice supply in the country, which in turn helped stabilize inflation. </p><p>Dar agreed that there was no food shortage. In fact, there has been an increase in productivity and food security in the country.</p><p>Sufficiency level jumped to 92 percent from 87 percent in 2019, he said.</p><p>But Dar said the DA&#x27;s P85 billion per year budget, or about 1.7 percent of the total national budget, could be improved.</p><p>Other ASEAN countries&#x27; agriculture budget is around 4 to 5 percent of their national budget, he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/05/22/inflation-soars-to-4-percent-in-march">Inflation quickens to 4 percent in March, within govt target despite oil hikes</a></li>	<li><a href="https://news.abs-cbn.com/news/03/02/22/duterte-oks-p3-billion-fuel-discount-for-drivers-farmers">Duterte OKs P3-billion fuel discount for drivers, farmers amid Ukraine crisis</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1943085" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Finance Secretary Carlos Dominguez on Tuesday allayed fears of food and oil shorage amid the ongoing tension between Russia and Ukraine.

No food, oil shortage despite Russia-Ukraine crisis: Finance chief

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No food, oil shortage despite Russia-Ukraine crisis: Finance chief

Jessica Fenol and Jekki Pascual,

ABS-CBN News

Published Apr 05, 2022 05:11 PM PHT

Read More:

food supply

rice

commodity prices

wheat

corn

oil

oil supply

oil production

agriculture

staple food

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