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Manila: President Gloria Arroyo said yesterday food security for Filipinos and protection from the global economic slowdown are foremost on her mind as she wrapped up the last day of her three-day visit to Hong Kong.
The presidential palace stated in Manila that the Philippine leader, in a speech to the annual Credit Suisse Asian Investment Conference (AIC), expressed concern over the effect of the slowing of the economies in North America and Europe on the Philippine economy.
"These global forces are putting more strain on our working poor as prices for commodities like rice and fuel increase," Arroyo said.
Rice is the staple for 85 million Filipinos, while the cost of fuel is reaching record highs as a result of global economic developments.
Microeconomics
The country imports the bulk of its fuel and rice requirements from abroad.
Arroyo said that while the country's microeconomics is strong, "the benefits are still working their way down more slowly than we want to lift up our citizens who live and work paycheck to paycheck".
The Philippine leader said that while the economic figures the country had presented during the past few years are laudable, the best gauge for judging the government performance is its ability to provide food on the table for every citizen.
The president said "the best thing we can do in the short term is provide responsible, targeted relief to those most in need".
"The economic environment will dictate that we provide a buffer, as much as prudently possible, to the poorest who suffer most from rapidly rising prices," she said.
"The political environment will not force us to do anything we do not think is in the best interests of the nation.
"We will fight to feed the poor, improve job creation and do everything in our power to mitigate the global forces increasing the price of commodities like oil and rice," she said.
High rice price
Meanwhile, the Catholic Bishops Conference of the Philippines (CBCP) recommended that with Filipinos should consider a shift to other sources of starch and carbohydrates such as corn, vegetables, fruits and sweet potato, in view of the high prices.
"If indeed we are facing a rice crisis, the people should look for other alternatives, like corn, vegetables or kamote [sweet potato]. Not only are they nutritious, they can be good substitute," CBCP president Archbishop Angel Lagdameo said in an interview over Catholic Church-run Radio Veritas.
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