THE Department of Agriculture (DA) said on Tuesday that the worst-case scenario for food prices of a 20%-60% rise is unlikely because it expects the oil price shock to be mitigated by government measures to cushion the blow.
In a statement, Agriculture Secretary Francisco P. Tiu Laurel, Jr. called scenarios that assumed a crude oil price of $200 per barrel for six months were based on “extreme assumptions” that did not factor in the impact of government intervention.
“The prices presented assumed the full impact of soaring crude,” Mr. Laurel said. “They did not factor in government action, which we will undertake to protect Filipinos from an oil shock.”
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