LIVESTREAM: Senate hearing on government response to inflation and ‘soaring food prices’

MANILA, Philippines ⁠⁠⁠⁠– The Senate committee on social justice, welfare, and rural development is set to revisit the contentious issue of inflation and food poverty, just days after public outcry over the P21 per meal food poverty metric.

On Tuesday, August 20, Senator Imee Marcos will preside over the hearing, discussing a resolution she filed in late 2022 titled “Government Responses to Inflation and Soaring Food Prices.” Marcos was one of the senators who questioned National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan about the food threshold. (READ: What does it mean to be ‘food poor,’ and is P21 per meal really enough?)

Using that metric, NEDA reported that the poverty situation in the Philippines had improved in 2023, with more than 2.45 million Filipinos rising beyond the poverty line compared to 2021. Balisacan also said that 1.71 million more Filipinos were no longer considered food poor.

However, lawmakers were unconvinced. In a previous hearing, senators questioned whether this seemingly low threshold would still give an accurate poverty forecast. They also described it as removed from the realities on the ground.

NEDA has since clarified that its food threshold of P64 per day or P21 per meal is not meant to reflect the cost of meals for a “decent standard of living.” Balisacan also explained that they serve as a way for the government to measure the effectiveness of their poverty reduction policies and should not be taken as a “desirable household budget.” 

President Ferdinand Marcos Jr.’s economic managers, which include Balisacan, target to reduce poverty rates to single digits by 2028, or the end of the Marcos administration.

Meanwhile, inflation — which also eats into the purchasing power of Filipinos and makes it more difficult to escape poverty — jumped to 4.4% in July 2024. This was the first time since November 2023 that inflation has breached the government’s target range of 2% to 4%. ⁠⁠⁠⁠

Bookmark this page to watch the livestream starting at 1:30 pm. – Rappler.com