Monday, July 4, 2022
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Agri & Mining

Salceda pushes development of domestic resources to counter inflation

Manila Standard BusinessbyManila Standard Business
May 25, 2022, 5:35 pm
in Agri & Mining, Business
Reading Time: 3 mins read
A A
117
SHARES
Share on FacebookShare on TwitterShare on Email

The next administration should successfully develop the country’s domestic resources such as energy, minerals, and agriculture to counter the increasing threat of an ‘elevated inflation.’

Albay Rep. Joey Sarte Salceda, a noted economist who chairs the House ways and means committee, stressed this as he predicts that commodities will have high prices over this decade, which is going to be a global trend.

Salceda said lawmakers who will be part of the incoming 19th Congress are now looking and preparing themselves to address difficulties that would likely emerge when the administration of presumptive President Ferdinand Marcos Jr. begins on June 30.

He said these difficulties would primarily concern the effects of economic developments around the world which are seen to be heading to a regime of high inflation.

He said although the Philippines has not been as badly hurt by inflation compared to other countries, the “damage will be far-reaching with inflation over the decade expected to average about 5 percent or more per year, well above the 3 percent average over the past 10 years.”

ADVERTISEMENT

Salceda said this trend is happening worldwide although the Philippines has fared “much better than much of the rest of the world,” where the global inflation rate was 9.2 percent and the Philippine rate was just 4 percent in the last quarter.

“And, other than doing no more harm, there’s not much we can do about it, since most of the price increases are from external prices such as petroleum prices. Commodities will have high prices over this decade. That’s going to be a global trend,” he said.

“The only way to balance that out is to increase our output of commodities, so our farmers and the domestic commodities sector will benefit from high prices. That’s why expanding current output in agriculture and mining, as well as generating new outputs from oil and gas resources, will be crucial both for the next administration and the one after that,” he said.

Salceda said serious efforts to gain more revenue from oil and gas exploration and higher mining output would be “crucial” for the country to “barrel through what is shaping up to be a high-inflation decade.”

He said one estimate says there is as much as “$26 trillion in untapped hydrocarbon deposits within our exclusive economic zone, and around $1 trillion in untapped mineral deposits in the country.”

He also noted that the country’s agricultural potential is also at around “$112.8 billion in value-added every year if we are able to produce efficiently in our farms. Right now, actual agricultural value added is just at $35.6 billion or just 31.5 percent of our viable agricultural potential. And mind you, my estimate is very conservative, using just 80 percent of our agricultural land,” Salceda said.

He proposed the harmonization of tax and production sharing agreements on oil, gas and mining and the setting up of a Natural Resource Trust Fund that will invest the proceeds of resource extraction.

“Extractives are non-renewable sources, so the global best practice is really to continue benefiting from them by investing revenue from these sectors,” he said, noting that this is being done in Norway, whose oil fund is the world’s largest pension fund.Salceda advised the incoming leadership “not to use all of these revenues as current budget support, learn from the past and set some aside part of the revenue for when prices, including those of oil, gas and mining products inevitably fall in the future.”

Tags: Agriculturedomestic resourcesEnergyJoey Sarte Salcedaminerals
ADVERTISEMENT
Manila Standard Business

Manila Standard Business

Related Posts

SMC to cooperate with gov’t on Bulacan airport ecozone

byDarwin G. Amojelar
July 4, 2022, 7:20 pm
0
150
Ang: Government can buy back Petron

San Miguel Corp. said Monday it will cooperate with the government to realize the vision of Bulacan Airport Economic Zone...

Read more

EDC wins Bohol’s 10-year electricity supply contract

byAlena Mae S. Flores
July 4, 2022, 7:15 pm
0
142
EDC taps US firm to restore Leyte geothermal well

First Gen Corp. subsidiary and renewable energy leader Energy Development Corp. won a contract to supply electricity to the island...

Read more

Tariff Commission recommends safeguard duties on HDPE

byOthel V. Campos
July 4, 2022, 7:10 pm
0
134
PH plans to impose safeguard duties on Thailand’s products

JG Summit Olefins Corp. said Monday it welcomes the recommendation of the Tariff Commission to impose safeguard duties on imported...

Read more

SEC approves LFM Properties’ listing sans IPO

byJenniffer B. Austria
July 4, 2022, 7:05 pm
0
138
SEC okays P750-million IPO of Haus Talk, share sale of EEI

The Securities and Exchange Commission said Monday it approved the listing of LFM Properties Corp., a company owned by listed...

Read more

Marcos administration’s goal to cut poverty to a single-digit level viable

byJulito G. Rada
July 4, 2022, 7:00 pm
0
144
Anti-trust body warns of penalties

The government’ “ambitious” target of reducing the poverty level from more than 20 percent to single digit at the end...

Read more

Wawa water project achieves milestone

byManila Standard
July 4, 2022, 6:55 pm
0
136
Banaag assumes post as Bright Kindle director

Prime Infrastructure Capital Inc., a company led by businessman Enrique Razon, said Monday unit WawaJVCo Inc. achieved a milestone with...

Read more

Stories you may like

  • Denying Villafuerte justice

    Starting on the wrong foot

    2891 shares
    Share 1156 Tweet 723
  • Of course, it was BBM’s project

    33198 shares
    Share 13279 Tweet 8300
  • The next, now, or never in new romance film ‘Ngayon Kaya’

    2335 shares
    Share 934 Tweet 584
  • Herbosa will make an excellent DOH Secretary

    2067 shares
    Share 827 Tweet 517
  • Property relations in marriage

    1123 shares
    Share 449 Tweet 281

Print Edition

View More

Recent Posts

  • Oaminal appeals to BBM to replace head of police
  • Public warned on alarming rise of dengue cases
  • First day on the job
  • Ferrer seeks extension of property tax measure
  • Voter registration
  • Filipinas in ‘amazing’ 1-0 defeat of Australia
  • PAO chief announces hiring of 225 new lawyers
  • P20 per kilo rice

Advertisement

Latest News

Filipinas in ‘amazing’ 1-0 defeat of Australia

byManila Standard Sports
July 4, 2022, 10:10 pm
0
132
Filipinas in ‘amazing’ 1-0 defeat of Australia

By Peter Atencio Sarina Bolden found the back of the net in the 60th minute, sending the Philippines to another...

Read more

PAO chief announces hiring of 225 new lawyers

byRio N. Araja
July 4, 2022, 10:10 pm
0
131
PAO set to transfer to new office in QC

The Public Attorney’s Office on Monday announced its recruitment of 225 new lawyers, promotion of 19 staff and regularization of...

Read more

P20 per kilo rice

byDanny Pataand1 others
July 4, 2022, 10:08 pm
0
130
P20 per kilo rice

Members of the Working for a Socialists Philippines troop along Recto Avenue near Mendiola Bridge in Manila to call on...

Read more

Legislator seeks more funding for free rides

byMaricel Cruz
July 4, 2022, 10:05 pm
0
130
BBM hears mass, picks ‘Pangarap’ as Palace home

A legislator from Southern Tagalog on Monday said he would file a bill mandating an additional budget to fund the...

Read more

Liza Soberano signs with new management, takes charge of her career

byJoseph Peter R. Gonzales
July 4, 2022, 10:00 pm
0
130
Latest ‘Minions’ installment breaks box office records

Actress Liza Soberano has confirmed that she doesn’t have any existing contract with ABS-CBN, Star Magic, and Star Cinema. She...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App