The government must invest more on science and technology (S&T) for the country’s food industry to bring down inflation, the National Economic and Development Authority (NEDA) said.
Socioeconomic Planning Secretary Ernesto Pernia attributed the rise in the inflation rate mainly to the higher prices of food items like fish and rice.
“With the use of science and technology, we can really ramp up our production and supply of food so that prices will be brought down,” he said Tuesday in a press briefing with the Philippine-American Academy of Science and Engineering (PAASE).
Pernia, who is also the NEDA Director-General, said it is imperative to boost food production especially as 40 percent of poorest households in the country bear the brunt of higher prices.
The country’s headline inflation surged to 6.7 percent in September from previous month’s 6.4 percent, mainly driven by prices of food and non-alcoholic beverages.
Apart from the food industry, he also underscored the important role of S&T in reducing unemployment in the country.
“Investment in human capital is important especially early childhood development,” Pernia added.
“In terms of generating more jobs, our massive infrastructure program is already generating new jobs. There are a number of OFWs (overseas Filipino workers) coming home to take advantage of the job opportunities made available by the infrastructure projects,” he added.
Meanwhile, the PAASE and the government are expected to come up with resolutions and research or policy agenda at the end of their three-day meeting on Thursday, which will be submitted to President Rodrigo Duterte through the NEDA.
Pernia said the meeting aims to link Philippine universities with research and development (R&D) centers to become integral partners in industry research, and connect domestic micro, small and medium enterprises (MSMEs) to the supply-value chain.
“(These resolutions will) tell him (President) that we have a lot of talents all over the world who can really help us build our science and technology innovation ecosystem. This is an architecture that will extend or increase the economy’s potential and will result in self-sustaining inclusive economic growth over the long run,” he said. (Leslie Gatpolintan, PNA)
