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(Bloomberg) — Philippine President Ferdinand Marcos Jr. pledged measures that will lift the farm sector and help curb inflation that’s preventing the majority of Filipinos from feeling the benefits of faster economic growth.

“The hard lesson of this last year has made it very clear that whatever current data proudly bannering our country as among the best-performing in Asia means nothing to a Filipino, who is confronted by the price of rice at 45 to 65 pesos per kilo,” Marcos said Monday in his annual address. 

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His remarks come as the Philippines continue to grapple with rice inflation above 20% along with poverty and joblessness. While the economy has demonstrated resilience and inflation has cooled to within the central bank’s 2%-4% target this year, elevated cost of living has dominated Filipinos’ worries.

Marcos, in his speech, identified projects that include boosting farm-to-market roads, irrigation, providing vaccines against swine fever and tightening rules to prevent smuggling. The president urged lawmakers to review the power sector law to bring down energy costs.

Tamping down rice prices has in particular posed a challenge to Marcos who promised to bring down the staple grain’s cost when he ran for the top job. His government recently slashed rice tariffs to further tame food inflation.

Marcos has largely managed to keep the Philippines’ economic growth momentum to become one of the region’s bright spots. His economic managers are aiming to grow the economy by 6% to 7% this year by spending on infrastructure and wooing investments.

Strains on the economy are however showing, with growth drivers including consumption ebbing in the first quarter amid high borrowing costs.

—With assistance from Ditas Lopez and Cecilia Yap.

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