00:00 The government has distributed almost 10 billion pesos worth of assistance to farmers and fisher folk affected by the El Nino.
00:07 Meanwhile, the Department of Trade and Industry is ramping up its price monitoring efforts as preparation for the La Nina phenomenon.
00:14 These and other stories in tonight's business wrap up by Soojin Kim.
00:18 The US dollar continues to strengthen as the Federal Reserve signaled delay in cutting interest rates.
00:27 Today, the dollar exchange closes at 58 pesos and 27 centavos.
00:31 The Banco Central ng Pilipinas continues to monitor the foreign exchange market without necessarily aiming to protect a certain exchange rate.
00:39 Following the mandate of President Marcus Jr. to aid farmers and fishermen affected by the El Nino phenomenon,
00:47 the Agriculture Department has successfully rolled out and provided over 9.71 billion pesos worth of assistance.
00:55 These include financial support, irrigation needs, free drought-resistant seeds, and alternative livelihoods.
01:01 Damage in the agriculture industry due to the drought has reached a total of 9.5 billion pesos,
01:07 with rice farmers in Mimaropa, Cagayan, and Western Visayas receiving the brunt of the damage.
01:14 In spite of this, the Agriculture Department remains positive it will not significantly impact overall rice production in the country.
01:21 This is probably the last report that will be submitted, and hopefully, it will not be that big.
01:30 Our rice, the total area affected is 83,000, the total damage is 24,000.
01:39 Still below our expected 150,000 hectares, the total area to be affected by El Nino.
01:48 The Department of Trade and Industry is intensifying its monitoring of the supply and prices of essential goods with the looming threat of La Nina.
01:57 The local price coordinating council is being reconvened to assist in overseeing stores, groceries, and supermarkets nationwide.
02:05 Additionally, in line with the President's directive to make goods more affordable,
02:09 five manufacturers of processed meat products, milk, water, and instant noodles have announced a voluntary price freeze,
02:17 meaning their prices will remain unchanged for 60 days.
02:21 The DTI is also releasing a new suggested retail price, or SRP, bulletin for essential goods that have undergone shrinkflation.
02:30 As a help to our consumers, the SRP bulletin that will be released will include unit costs for the goods purchased.
02:39 This means that we will be able to see the price of goods purchased per gram, per ml, per unit cost.
02:47 This will be our mark to know who are increasing the prices or not increasing the prices but reducing the weight.
02:57 On the 6th Private Sector Advisory Council Agriculture Sector Group Meeting,
03:02 President Marcos Jr. emphasized the need to strengthen anti-smuggling measures.
03:07 Agriculture Secretary Francisco T. Laurel proposed to establish a condemnation facility to properly dispose smuggled agricultural products.
03:16 It's better for the DA to condemn all products caught illegally or possibly with illegal or smuggled products.
03:27 So that there will be no more madness.
03:33 It's better because when the DOC or DA enters, if the product is caught illegally, it should be taken to the site so that the products are at least condemned.
03:56 It's easier to monitor.
04:02 Confiscated products are typically those coming from countries with known cases of African swine flu, bird flu,
04:08 or outbreaks of diseases that pose health risks or threats to the agricultural industry.
04:14 Soojin Kim from the National TV Network for the New and Better Philippines.
