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MANILA – Damage caused by Super Typhoon Egay will not likely have a significant impact on inflation, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Wednesday.
"I do think that the impact on the overall national economy is not that serious at this point," Balisacan said in a television interview.
"The data that we have so far are not that big yet. But the events are still unfolding so the data is still incomplete. But we do hope that the impact especially in agriculture is not as bad as compared to other episodes of monsoon rains in the past," he added.
Data released by the Department of Agriculture's Disaster Risk Reduction and Management Operations Center (DA-DRRM) showed that as of Aug. 2, the damage and losses in the agriculture sector amounted to PHP3.17 billion.
DA-DRRM said the typhoon affected 146,260 farmers and fisherfolk with total volume of production loss at 106,453 metric tons.
"So far in the case of basic commodities like rice, we have adequate stocks. I think a lot of the imports came in the first half of the year and that I think allows us to have that buffer," Balisacan said.
"In the meantime, I think the impact on inflation is not going to be that much. But still, as I said, the events are still unfolding," he added.
The NEDA chief said the months of June, July and August are not really harvest season in many parts of the country so the damage will not be substantial.
Headline inflation declined for the fifth consecutive month in June, settling at 5.4 percent.
The Philippine Statistics Authority will release the official July 2023 inflation data on Friday. (PNA)
