Romualdez vows to address rising food inflation | Inquirer News
Lower rice prices seen

Romualdez vows to address rising food inflation


Lawmakers have vowed to address the “pressing concern” of rising food inflation and food security amid a slower 4.3 percent growth in the gross domestic product (GDP) in the second quarter of 2023.

Speaker Martin Romualdez said Congress would focus on the agriculture sector and review and adjust importation policies to stabilize food prices.


“One pressing concern that’s evident is the rising food inflation, which has been a significant driver of the economic slowdown. Addressing this is paramount to ensure that every Filipino has access to affordable, nutritious food while also stimulating our agricultural sector,” Romualdez said.


In a statement, he added that Congress was working toward a “prosperous, inclusive, and resilient future, where food security and economic stability are foundational pillars.”

The Speaker made the remarks after the Philippine Statistics Authority (PSA) reported that GDP grew by 4.3 percent in the second quarter of 2023, or slower than the 7.5 percent GDP in the same period last year.

Romualdez said the PSA report “highlights both our achievements and areas requiring intensified action” as he commended the Marcos administration’s economic managers for “navigating our nation toward recovery amidst challenging times.”

He said the lower chamber would “focus on injecting funds into our agricultural sector, promoting modern farming techniques, and improving storage and distribution infrastructure, as this “will help increase yield and reduce postharvest losses.”

Review import policies

Lawmakers will also work on measures that will optimize supply chains and reduce logistical bottlenecks to “ensure that food reaches consumers swiftly, reducing costs and wastage,” Romualdez said.

He added that the House would also review and adjust import policies if necessary to help stabilize food prices.


“Strategic imports, when local supply is low, can prevent excessive price hikes … The House supports initiatives to monitor and regulate the prices of essential commodities, ensuring that unscrupulous practices do not exploit Filipinos,” Romualdez said.

The Speaker earlier secured Vietnam’s commitment to provide the Philippines with a stable and affordable rice supply.

Rice prices in local markets may soon decline after the government secured lower prices from Vietnamese exporters, Malacañang said on Friday.

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In a statement released through Malacañang, Agriculture Senior Undersecretary Domingo Panganiban said Vietnamese exporters have given price quotations that were $30 to $40 lower than what was quoted in their recent meeting in Malacañang.


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TAGS: Food, Inflation, Martin Romualdez

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