Lower inflation reflects gov’t commitment to address rising prices — Romualdez

House Speaker Martin Romualdez (Official website of the House of Representatives / congress.gov.ph)

MANILA, Philippines — House Speaker Ferdinand Martin Romualdez said that the lower headline inflation rates registered for November — at 4.1 percent — is indicative of the current administration’s commitment to address the high prices of goods.

 In a statement on Tuesday, Romualdez said that the lower figures is a testament to the efforts of President Ferdinand Marcos Jr.’s administration, especially considering that the inflation rate in January 2023 was at 8.7 percent.

 Earlier, the Philippine Statistics Authority (PSA) said that the 4.1 percent inflation rate was lower than October’s 4.9 percent, and was driven by lower prices of food and non-alcoholic beverages, along with a decrease in the transportation costs.

 “This recent development is a testament to the collective efforts and resilience of the Filipino people, alongside the commitment of President Ferdinand Marcos, Jr. in stabilizing our economy and improving the living standards of every Filipino. We began the year facing a 14-year inflation peak of 8.7 percent in January, driven by surges in food and fuel prices,” he added.

“Recognizing the urgency of this issue, as reflected in the September Pulse Asia survey where inflation was cited as the most pressing concern, the focus of the Marcos administration in addressing this problem has been strong and consistent,” he added.

House committee on ways and means chair and Albay 2nd District Rep. Joey Salceda noted that while this a good development, rice prices have not gone down as of now.

“Our interventions must be three-fold.  First, we must ensure that the Philippines has market access to imported rice. Vietnam and India are the key countries in this regard, but diversification will also be crucial. Our market access will depend almost entirely on the diplomatic abilities of the Marcos administration,” he said.

“Second, we must ensure that the domestic market’s access to landed rice is stable and not artificially constrained. Import licenses should be used and hoarding must be prevented,” he added.

 “Third, and most importantly, we must optimize domestic supply by achieving another bumper crop this year, and reducing wastage. PhilRice for the seeds and PhilMech for reducing wastage will be critical. All hands must be on deck to prevent procurement or delivery problems among these agencies,” he added.

Romualdez meanwhile said that the House will continue to work with government agencies regarding what can be done to continue addressing inflation.

“As we move forward, the House of Representatives, in coordination with relevant government agencies, remains dedicated to crafting policies that will continue to curb inflation and foster a more stable and prosperous economy. We are optimistic that these efforts will yield even more positive results, contributing to the joy and peace of the holiday season for every Filipino family,” the Speaker added.