Philippine President-elect Marcos to Also Serve as Minister of Agriculture

"Concurrent Positions Until Department Formation Possible"
Recent Direct Measures in Response to Rapid Food Price Increases

[Image source=EPA Yonhap News]

[Asia Economy Reporter Hyunwoo Lee] Ferdinand Marcos, the president-elect of the Philippines, has unusually announced that he will personally hold the position of Minister of Agriculture in the Philippines. This move is interpreted as a serious response to the recent surge in food prices and the resulting public discontent, aiming to directly address food security issues.

According to the local Philippine media outlet Philippine Star on the 21st, Marcos stated at a press conference the day before, "I will concurrently serve as the Minister of Agriculture." He added, "To prevent food shortages and price surges, production must be increased," emphasizing, "The current situation is serious, so I will hold the position of Minister of Agriculture for the time being, at least until the department functions properly."

His concurrent role as Minister of Agriculture is seen as a commitment to directly tackle the rice price stabilization issue, which was a major campaign promise. During the presidential campaign, Marcos pledged to reduce the rice price to below 20 pesos per kilogram (approximately 477 won), which is about half the current price. He is expected to begin his term at the end of this month and immediately take on the role of Minister of Agriculture as well.

Marcos stated, "In the third quarter of this year, food shortages will continue due to external factors, causing prices to rise further," and emphasized, "Agriculture is the most important and fundamental sector for economic development and change after the COVID-19 crisis, and increasing agricultural production is one of the priority issues to be resolved."

However, whether rice prices, which are soaring, will stabilize as promised remains uncertain. This is because the global surge in grain prices is intensifying, and securing funds to stabilize rice prices amid economic difficulties is not easy.

Rolando Dy, an agricultural economist in the Philippines, pointed out in an interview with major foreign media, "Marcos's goal of stabilizing rice prices is unattainable," and added, "It is necessary to appoint competent deputy ministers and have good advisors around him."