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Marcos urged to prioritize addressing inflation, recovering pandemic losses

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<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="President Ferdinand “Bongbong” Marcos Jr. delivers his inaugural address at the National Museum in Manila on June 30, 2022. George Calvelo, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/business/07/01/20220630-marcos-inauguration-gc-17.jpg"/><figcaption>President Ferdinand “Bongbong” Marcos Jr. delivers his inaugural address at the National Museum in Manila on June 30, 2022. <em>George Calvelo, ABS-CBN News</em></figcaption></figure></div><p>MANILA (<strong>UPDATED</strong>)— President Ferdinand Marcos Jr. should prioritize addressing inflation and recovering losses due to the COVID-19 pandemic, economists said Friday.</p><p>Losses from lockdowns and the national growth for 2020 and 2021 are estimated at some P6.2 trillion, said Albay 2nd District Rep. Joey Salceda</p><p>&quot;Panindigan lang yung isang sinabi niya (Marcos), na yung P6.2 trillion na nawala sa &#x27;tin dahil sa COVID bawiin niya in the next 18 months. Because he himself has said it, although people did not give it too much ano [attention],&quot; he told ANC&#x27;s Headstart.</p><p>(He has to fulfill what he said, that in the next 18 months he will recover the P6.2 trillion that we lost due to COVID.)</p><p>&quot;If you put a number to it, it’s roughly P6.3 trillion na nawala sa atin (that we lost) in nominal terms due to the pandemic.&quot;</p><p>Marcos Jr. said in his inaugural address on Thursday, &quot;We do not look back but ahead; up the road that we must take to a place better than the one we lost in the pandemic: gains made and lost; opportunities missed; well-laid plans superseded by the pandemic.&quot; </p><p>&quot;Indeed, ours was the fastest-growing economy in ASEAN by ways now outdated. We shall be again by radical change in a way the world must now work to recover what we have lost in the fire. And move on from there,&quot; he added. </p><p>The President should prioritize addressing inflation, Salceda said.</p><p>&quot;Kitang-kita naman natin naghahanap agad ng budget para makapagbigay ng ayuda,&quot; he said.</p><p>(We can clearly see he&#x27;s looking for budget for assistance.)</p><p>The P20 per kilo price of rice that Marcos said he wanted to achieve is a &quot;grand ambition,&quot; Salceda added.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/08/22/p20kg-rice-possible-by-2023-via-mega-farm-dar-chief">P20/kg rice possible by 2023 via &#x27;mega farm&#x27;: DAR chief</a></li>	<li><a href="https://news.abs-cbn.com/business/06/16/22/di-kaya-next-dar-chief-shuts-down-p20kilo-rice-for-now">&#x27;Di kaya&#x27;: Next DAR chief shuts down P20/kilo rice for now</a></li></ul><p>&quot;You need to take this as an articulation of a grand national ambition to make the Philippines food secure and essentially competitive. You should not focus too much on, &#x27;Is P20 doable,&#x27;&quot; he said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/06/30/22/marcos-food-sufficiency-deserves-preferential-treatment">Marcos says food sufficiency must get &#x27;preferential treatment&#x27;</a></li></ul><p>The lawmaker also said the Marcos administration could continue the &quot;Build, Build, Build&quot; projects of the Duterte administration through tax collection efficiency, non-regressive taxes, private-partnership program, foreign direct investments, privatization, and retaining infrastructure &quot;close to 5.4 percent&quot; of the gross domestic product.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/30/22/marcos-vows-to-complete-infra-projects-on-schedule">Marcos vows to complete infra projects on schedule, unveil infra plan</a></li></ul><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=2102280" width="100%"></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><div><strong>SELF-SUFFICIENCY </strong></div><p>Economist Ramon Orosa, meanwhile, urged Marcos Jr. as the incoming Department of Agriculture secretary to push for the country&#x27;s self-sufficiency in agriculture amid the tight food supply and high fuel prices brought by Russia&#x27;s war with Ukraine. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/05/18/22/agri-monitoring-looming-food-crisis-in-philippines">Agri dept monitoring &#x27;looming food crisis&#x27; amid pandemic, high oil prices</a></li></ul><p>He also urged Marcos Jr. to increase the country&#x27;s productivity and maintain peace and security. Former Agriculture Secretary William Dar earlier said his agency was monitoring a &quot;looming food crisis.&quot; </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/11/22/incoming-neda-chief-wants-govt-to-boost-local-agri-not-depend-on-imports">Incoming NEDA chief wants gov&#x27;t to boost local agri, not depend on imports as food crisis looms</a></li></ul><p>&quot;Iisa lang ang paraan kasi kung paano gumanda ang kalagayan ng bansa at ng mga naninirahang mamamayan. Yun ang tinatawag nila na kailangan magkaroon ng pag-angat ng productivity ng mga... without any [decrease] in poverty, that country cannot be prosperous,&quot; said Orosa in a televised briefing.</p><p>&quot;It is time for us to be self-sufficient in some of the most basic elements na kinakailangan natin dito sa ating bansa. There is no reason for us not to be self-sufficient in rice and corn. None whatsoever... how can we become a top agricultural producer that services the world,&quot; he added.</p><p>Government must also encourage industries to delve into self-sufficiency, increase productivity, and diversify their markets, noted the economist.</p><p>This will &quot;ensure that we are not just dependent on one nation but we can also hold work after market to sell the goods that we can [in] here.&quot;</p><p>Socioeconomic Planning Secretary Arsenio Balisacan said cushioning the country&#x27;s poorest households from rising food prices and negative economic impact will be among the Marcos administration&#x27;s priorities. </p><p>In order to do this, Balisacan called for the strengthening of research and development in agriculture so the country may finally veer away from imports. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/06/11/22/incoming-neda-chief-wants-govt-to-boost-local-agri-not-depend-on-imports">Incoming NEDA chief wants gov&#x27;t to boost local agri, not depend on imports as food crisis looms</a></li></ul><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=2102798" width="100%"></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><div style="text-align:center"><em><strong>Video from PTV</strong></em></div>

President Ferdinand Marcos Jr. should prioritize addressing inflation and recovering losses due to the COVID-19 pandemic, a lawmaker said Friday.