Addressing the country’s rising food prices

March 4, 2025 l Manila Bulletin

The Department of Agriculture declared a food security emergency last month after the National Price Coordinating Council issued a resolution urging such a critical move. This was primarily in response to the surging cost of rice, which has reached ₱50 to ₱60 per kilo. The emergency declaration allows the National Food Authority to release buffer stocks and sell them to local markets at lower prices.

Republic Act No. 12708, or the Agricultural Tariffication Act, was signed into law by President Ferdinand Marcos Jr. in December 2024. It aims to address supply shortages or extraordinary cases like the rising rice prices. One of his major campaign promises in 2022 was to lower the cost of rice to ₱20 per kilo.

But it’s not only rice prices that are increasing in the Philippines. In January 2025, overall food inflation accelerated primarily because of the faster inflation rate of vegetables and fruits at 21.1 percent versus 14.2 percent the previous month. Among food commodities, tomatoes recorded the highest inflation, with its price soaring by a whopping 155.7 percent last month.

During a press conference last Feb. 18, former Senate President Vicente Sotto III urged the government to buy food directly from farmers to ensure fair prices for both producers and consumers. He said eliminating multiple layers of middlemen would provide local farmers better compensation for their produce and remove the markups in each layer.

Sotto proposed that the government purchase “50 percent of all the outputs of our agricultural products in the country at their farm gate price.” He pointed this out as part of his platform during campaign sorties with other administration candidates in the upcoming midterm elections.

To further show his independence, Sotto reaffirmed the significance of the EDSA People Power Revolution as the nation commemorated this historic event last week despite Marcos’ downgrading of Feb. 25 into a “special working day” from its usual designation as a “special non-working holiday” during the six preceding administrations. As the composer of “Magkaisa”—an iconic anthem of the 1986 People Power uprising—he called on Filipinos to keep the spirit of EDSA alive and highlighted the importance of preserving its legacy for future generations while emphasizing that the lessons of freedom, unity, and change remain deeply embedded in the Filipino identity.

Farm-to-table initiatives

In the private sector, homegrown hospitality chain Astoria Hotels and Resorts (AHR) has established its farm-to-table program as an effort to support the agricultural sector by sourcing different types of fruits and vegetables directly from local and indigenous farmers across the archipelago. This program is a major component of AHR’s corporate social responsibility initiatives with its core tenet of purchasing at a fair price and ensuring that the financial benefit to farmers is equitable.

Another member of the Astoria Group is the Astoria Culinary Expert Services (ACES), which was recently granted the license to operate as a food manufacturer by the Food and Drug Administration (FDA). Its signature product is the Astoria-ACES’ Philippine royal ube powder made from 100 percent locally grown ube or purple yam.

Ube is increasingly becoming popular globally due to its striking color and unique flavor profile. This trend has contributed to a worldwide culinary movement, with ube being incorporated into a variety of European dishes such as croissants and pancakes. It is also being utilized to create innovative alcoholic beverages catering to the diverse tastes of the global market, like Astoria’s ube martini.

Made by a team of food technologists, chefs, farmers, and agricultural specialists, Astoria-ACES’ Philippine royal ube powder has undergone extensive testing and refinements adhering to rigorous food safety standards. It is produced in an FDA-compliant facility under the supervision of food scientists and quality assurance specialists. Easily re-hydrated in warm water, it can be made into baked goods, quick desserts, fillings, spreads, ice cream, drinks, and Filipino delicacies in professional kitchens as well as at home.

Such farm-to-table initiatives can help address rising food prices in the country by connecting farmers directly with consumers, restaurants, and retailers, thus reducing transport costs and supply chain insufficiencies.

***The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX. For comments, email nextgenmedia@gmail.com. Photo is from Pinterest.

Recent Posts

Trade wars: friend or foe?

March 7, 2025 l Business World US President Donald J. Trump has decisively launched a trade war by imposing tariffs on the nation’s three most

Cash is king… sometimes

March 6, 2025 l Manila Bulletin If you’re fortunate enough to be cash flow positive and have money in the bank or investments, you might

Addressing the country’s rising food prices

March 4, 2025 l Manila Bulletin The Department of Agriculture declared a food security emergency last month after the National Price Coordinating Council issued a

How businesses can protect their brand names

Co-author: Micaela Kristina V. Galvez l February 28, 2025 l Manila Times There is growing complexity and competitiveness in brand management in the global market.

Address:

Financial Executives Institute of the Philippines

Roberto de Ocampo Center for Financial Excellence,
Unit 1901, 19/F 139 Corporate Center,
Valero St., Salcedo Village
Makati City, National Capital Region, Philippines

Telephone:
+63 2 8114052 / 8114189