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http://www.shanghaidaily.com/sp/article/2008/200811/20081112/article_380327.htm
Meltdown raises fears over food supplies
Created: 2008-11-12 0:41:18
SOUTHEAST Asian countries are concerned the global economic meltdown may lead to a drop in agricultural investment, sparking massive layoffs that could further hurt the poor's already tenuous access to food, diplomats said yesterday.
The Association of Southeast Asian Nations has to study other potential food security-related problems that could be triggered by the financial turbulence so the region can deal with them effectively, said ASEAN official Somsak Pippopinyo.
ASEAN officials dealing with agriculture and food met their United Nations counterparts on Monday for a two-day conference in Manila to discuss possible cooperation in ensuring the stability of Southeast Asia's food supply amid such problems as climate change, spiraling commodity prices and the global economic crunch.
"There are ... very few lingering doubts that the present global financial crisis ... will have dire consequences on the access to food of vulnerable groups in developing countries," said a paper issued to conference delegates.
As economies contract, many businesses will likely resort to layoffs and "access to food will be savage" for the unemployed, it said.
"The financial crisis will diminish the purchasing power of consumers. That's the ultimate storm that consumers would not want," said Philippine Agriculture Undersecretary Segfredo Serrano.
Somsak said some delegates raised the possibility of a reduction of private investment in the agriculture industry amid hard economic times, a prospect that could set back farming programs aimed at bolstering food production.
ASEAN heads of state will discuss the region's food security concerns when they meet UN Secretary-General Ban Ki-moon at an annual summit in Thailand next month. The 10-nation ASEAN bloc comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
The Association of Southeast Asian Nations has to study other potential food security-related problems that could be triggered by the financial turbulence so the region can deal with them effectively, said ASEAN official Somsak Pippopinyo.
ASEAN officials dealing with agriculture and food met their United Nations counterparts on Monday for a two-day conference in Manila to discuss possible cooperation in ensuring the stability of Southeast Asia's food supply amid such problems as climate change, spiraling commodity prices and the global economic crunch.
"There are ... very few lingering doubts that the present global financial crisis ... will have dire consequences on the access to food of vulnerable groups in developing countries," said a paper issued to conference delegates.
As economies contract, many businesses will likely resort to layoffs and "access to food will be savage" for the unemployed, it said.
"The financial crisis will diminish the purchasing power of consumers. That's the ultimate storm that consumers would not want," said Philippine Agriculture Undersecretary Segfredo Serrano.
Somsak said some delegates raised the possibility of a reduction of private investment in the agriculture industry amid hard economic times, a prospect that could set back farming programs aimed at bolstering food production.
ASEAN heads of state will discuss the region's food security concerns when they meet UN Secretary-General Ban Ki-moon at an annual summit in Thailand next month. The 10-nation ASEAN bloc comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
Agencies
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