Lower inflation rate due to gov’t programs, BPSF aid – Romualdez

Speaker Ferdinand Martin Romualdez  (Official Facebook page of the House of Representatives of the Philippines)

MANILA, Philippines — House of Representatives Speaker Ferdinand Martin Romualdez believes the lower inflation rate in September 2024 was borne out of the government’s interventions, and the aid distributed to people during the Bagong Pilipinas Serbisyo Fair (BPSF).

Romualdez in a statement on Friday said that the House will continue helping President Ferdinand “Bongbong” R. Marcos Jr.’s administration in ensuring that food products are accessible and affordable. 

He said this after the Philippine Statistics Authority said earlier that headline inflation rates in September fell sharply to just 1.9 percent on a year-on-year basis — marking the slowest acceleration of food prices since May 2020.

 “The intervention measures taken by the government under the leadership of President Marcos Jr. are now yielding positive results,” Romualdez said, referring to Marcos’ decision to cut the rice import tariff from 35 percent to 15 percent, and the government’s Program 29 where cheap rice are sold at Kadiwa stores.

“These twin steps have significantly reduced the retail price of rice, from above P50-P60 per kilo to P40-P42 per kilo, or by at least 20 percent,” Romualdez said.

Romualdez also touted the provision of aid and other services during the BPSF, a program where government agencies visit provinces and far-flung areas to ensure that the benefits reach the people.

 According to Romualdez, the BPSF and Presidential Assistance to Farmers, Fisherfolk and Families has already visited 24 places across the country, with over P10 billion in government services and cash aid given to 2.5 million Filipino families. 

“Aside from the cash aid distributed in BPSFs, which will definitely boost the spending power of the people and stimulate the local economy, the services offered here like employment requirements help citizens get jobs or seek livelihood,” he said.

“Meron itong multiplier effect para sa ating bansa. When people have jobs and livelihood, it benefits not only the local economy but that of the whole country’s as well,” he added.

Managing inflation has been a top concern among Filipinos under Marcos’ administration. 

Last July 12, a survey from polling firm Pulse Asia showed that 72 percent of Filipinos feel controlling inflation should be immediately addressed by the administration, which is followed by increasing the pay of workers (44 percent), reducing the poverty of Filipinos (32 percent), creating more jobs (30 percent), and fighting graft and corruption in the government (22 percent).