Speaker Ferdinand Martin Romualdez expressed his support for the Philippine Statistics Authority (PSA) report on inflation, pledging that the House of Representatives will continue to pursue measures aimed at reducing food prices.
“The PSA report is a welcome development. It is a piece of good news for all of us, for President Ferdinand R. Marcos Jr., for Congress, and especially for our people,” Romualdez stated.
The PSA reported a significant drop in inflation, with the rate falling to 0.9 percent in July from 1.4 percent in June and 4.4 percent in July 2023. The inflation rate had been 2.9 percent in January, gradually decreasing to 2.1 percent in February, 1.8 percent in March, 1.4 percent in April, and 1.3 percent in May.
“This means that the administration of President BBM (Bongbong Marcos), with the help of Congress, principally the House of Representatives, has successfully tamed inflation,” he said. Romualdez emphasized that the inflation rate reflects the ability of more Filipino families to afford rice and basic food items, thereby combating hunger.
He noted that the retail price of rice has been declining since the President implemented measures to cut import tariffs. The House has also exercised its oversight function to address issues such as profiteering, hoarding, and price manipulation by traders and wholesalers.
“We will continue to do oversight to make sure that prices are in check and are kept low, especially that of rice,” Romualdez affirmed. “We hope to sustain the trajectory of these numbers, or at least keep prices low for our people.”
