Romualdez: Gov’t manages to tame PH’s inflation rate

Speaker Martin Romualdez — HOUSE OF REPRESENTATIVES FACEBOOK PAGE

MANILA, Philippines — House Speaker Ferdinand Martin Romualdez said on Sunday that the Philippine government has effectively “tamed” the country’s inflation rate, and that Congress aims to lower it further by reducing food prices.

According to Romualdez, the government has managed to decrease inflation at the end of last year despite starting 2023 with a 14-year inflation peak of 8.7 percent in January.

“We have tamed the monster, cutting it down by more than half,” the Speaker said.
The House leader’s statement comes in reaction to a Philippine Statistics Authority (PSA) report which shows that the country’s inflation rate slowed to 3.9 percent in December last year – the lowest recorded rate for 2023.

“The easing of inflation last month meant that food prices were still down despite the fact [that] December and the Christmas season usually see prices jumping to unreasonable levels,” he added.

The Speaker attributed the easing of inflation to President Ferdinand “Bongbong” Marcos Jr.’s intervention programs implemented before the holiday season.

Romualdez further said that Congress will continue to pursue programs which would continue to bring down inflation by supporting Filipino farmers and fisherfolk.

READ: Rice still above P50/kilo levels; no dip in sight

“We have to assist those in our agriculture sector, including those engaged in agri-business, so they can produce more. More rice, more fish, more vegetables, more staple food will translate to lower prices,” he stressed.

Despite the slowing down of inflation, however, rice is still sold at high prices in markets.

Based on the PSA report, rice inflation increased further to 19.6 percent in December 2023 from 15.8 percent in November of the same year.

READ: Farmers’ group sees Filipinos still grappling with high rice price in 2024

In response to this, Romualdez said that if rice prices continue to increase, he will suggest to President Ferdinand Marcos Jr. to reinstate the rice price cap.

“If we notice an unreasonable and unjustified increase, we will not hesitate to recommend to the President the reimposition of a price limit,” he said.

Rice prices have remained at P50 per kilogram since November last year and the Department of Agriculture has said that it is not expecting retail prices of the agricultural product to decrease anytime soon.