Romualdez welcomes lower inflation, says more work needed

House Speaker Ferdinand Martin Romualdez (Photo from House of Representatives Facebook page)

MANILA, Philippines — House Speaker Ferdinand Martin Romualdez on Wednesday warned that the country is not yet totally out of the woods despite a lower 2.8 percent inflation rate last January.

“It is reassuring that our inflation is within the bounds of the government’s forecast of 2 to 4 percent range. This is a relief to our people whose incomes have been chipped by rapidly rising prices of commodities,” Romualdez said in a statement.

“But we are not out of the woods yet. We have to bolster our efforts to temper inflation and other disruptions in the value chain amid global economic headwinds and climate change,” he added.

On Tuesday, the Philippine Statistics Authority reported that inflation was at 2.8 percent in January 2024, which is well within the government’s two to four percent targets.

It was lower than the 3.9 percent recorded in December 2023, and was at the lower-end of the Bangko Sentral ng Pilipinas’ (BSP) predictions.

Romualdez said the House of Representatives will continue to find ways to protect consumers’ economic rights — through investigations on different issues, like concerns on the wrong implementation of discounts for senior citizens and persons with disabilities.

“(The chamber is) one with the government in upholding the economic rights of our people,” he said.

“As part of the visible hand that regulates the market to protect our consumers, the House shall guarantee that laws echo the voice of the Filipinos in crafting laws to ensure that basic commodities and prices of products will be accessible and affordable for all,” he added.