Marcos admits economic gains hollow amid high commodity prices

President Ferdinand "Bongbong" Marcos Jr. acknowledged in his third State of the Nation Address (SONA) that economic achievements are hollow to Filipinos struggling with high commodity prices, particularly rice.

He admitted that high economic growth rates are not translating to more affordable food for Filipinos, many of whom are losing trust and confidence in Marcos amid rising costs of living.

The President assured the public that his administration is not ignoring their complaints and hardships.

Marcos highlighted that palay harvest hit a record-high of over 20 million metric tonnes last year, but acknowledged local production is still not enough to bring down rice prices.

He justified controversial policy decisions made in the past 12 months to tame high rice prices, including a price ceiling and reduced tariff on imported rice.

Farmer's groups are challenging the reduced tariff on imported rice at the Supreme Court.

Marcos hinted at his openness to extend the lower tariff on rice and other commodities only until the end of the year, not until 2028.