Philippines appoints fishing tycoon to top agriculture post

AFP, Manila :
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.