House Speaker Martin Romualdez FILE PHOTO
MANILA, Philippines — Speaker Ferdinand Martin Romualdez has assured the public that the House of Representatives is still looking for ways to ease the impact of high prices even as headline inflation rates eased down in October.
In a statement on Tuesday, Romualdez said that they are elated with the Philippine Statistics Authority (PSA) report showing that headline inflation rates dropped from 6.1 percent in September to just 4.9 percent in October due to a slower rise in food prices.
However, the Speaker admitted that global economic headwinds are still present, which requires initiatives to shield the country from external shocks and bills that will protect consumers.
“In response to global economic headwinds, the House is dedicated to formulating policies that underpin economic resilience, spur investment, and bolster agricultural output to help all the pro-poor programs of President Marcos. These measures are key to shielding the Philippines from external economic disturbances. Fiscal responsibility, including reducing deficits and debt management, is essential to maintaining low inflation and is a priority for the House,” Romualdez said.
“Moreover, the House is prioritizing the reinforcement of supply chain infrastructure to mitigate the effects of global supply interruptions on domestic prices. Consumer protection is also at the forefront, with updates to legislation aimed at preventing price exploitation and keeping basic necessities within reach for all Filipinos,” he added.
According to Romualdez, it would be good if the country could sustain the downward trend on inflation as it boosts the purchasing power of families, “enabling Filipinos to save or invest in pivotal areas such as education and healthcare, thereby fostering personal development.”
The House of Representatives recognizes the significance of continuing this downward inflationary trend. The easing of prices, especially for essentials like vegetables, offers immediate respite to the average Filipino by lowering the cost of living and improving their financial capability,” he said.
READ: PH inflation eased to 4.9% in Oct
“Recognizing that inflation impacts every facet of Filipino life, the House also champions the expansion of social safety nets to shield the most vulnerable from both local and global inflationary impacts. Through these collective initiatives, the House of Representatives aspires to contribute to the nation’s sustained economic vigor and well-being, ensuring a stable and prosperous future for Filipinos from all backgrounds,” he added.
According to PSA, while inflation slowed down in October, the country’s 10-month average is still at 6.4 percent, which is above the Bangko Sentral ng Pilipinas (BSP) target of a two percent to four percent average annual inflation rate.
However, October’s figure indicates a better figure than BSP’s initial estimates, which was at something between 5.1 to 5.9 percent.
October’s lower inflation rates were attributed by National Statistician Claire Dennis Mapa to slower price growth of key food items, as food inflation eased from 9.7 percent in September to 7.0 percent in October.