Philippines appoints fishing tycoon to top agriculture post

Philippine President Ferdinand Marcos handed
the post of agriculture secretary to a fishing tycoon on Friday, as the
government struggles to rein in surging food prices.

Francisco Laurel, president of the deep-sea fishing company Frabelle Fishing
Corporation, understood “the problems that agriculture is facing”, Marcos
said after swearing in the new secretary.

Marcos made himself agriculture secretary after becoming president in June
2022 and has overseen a surge in prices for produce, including staples like
onions and rice.

He sparked criticism in September when he imposed a temporary price cap on
rice, which some economists warned could distort the market and lead to
shortages.

Marcos said Laurel’s priority was gaining “control of the prices of all the
agricultural commodities that are going up”.

Year-on-year inflation accelerated in September to 6.1 percent, from 5.3
percent in August, driven by a 10 percent rise in food prices.

About a quarter of the country’s labour force works in the agriculture
sector, but it accounts for less than 10 percent of the economy, official
figures show.

Poor yields, high costs, insufficient investment in irrigation and machinery,
lack of access to cold storage facilities and farm-to-market roads, and crop-
destroying typhoons have long plagued the sector.

Pest outbreaks as well as soaring oil and fertiliser prices since Russia
invaded Ukraine have only added to its woes.

Laurel, 56, said his goal was to ensure that Filipino farmers had abundant
harvests and that food was available to consumers “at the right price”.

Frabelle Fishing Corporation is part of a food, real estate and power
generation conglomerate.

It has a fleet of more than 100 vessels operating in the Pacific, Indian and
Atlantic oceans, according to its website. (BSS/AFP)