Finance Secretary Ralph G. Recto has assured the public that the government is all hands on deck in countering the impact of El Niño on food security and is proactively preparing to face the imminent threat of La Niña.

“The Department of Finance [DOF] is strictly monitoring the developments in food inflation, particularly rice and other key commodities, so we know which areas to focus our efforts on. We have been working closely with the Department of Agriculture [DA] to fast-track the implementation of interventions in ensuring sufficient supply through improvements in agricultural production and timely importation of key commodities,” Secretary Recto said.

“The Inter-Agency Committee on Inflation and Market Outlook has been all hands on deck in addressing the increase in prices and ensuring food security for our people. We have kept inflation within the target band so far despite the ongoing El Niño season, and we will continue to do so while proactively preparing for La Niña,” he added.

Headline inflation for April 2024 was recorded at 3.8%, significantly lower than the 6.6% in April 2023. 

This brings the year-to-date inflation rate to 3.4%, well within the government’s target band of 2% to 4% despite the strong effects of El Niño and other external challenges. 

The April 2024 inflation was also within the Bangko Sentral ng Pilipinas’ (BSP) forecast of 3.5% to 4.3% and was significantly lower than private analysts’ median forecast of 4.1% for the month.