Manila – House Speaker Ferdinand Martin Romualdez praised the significant reduction in inflation from 4.9 percent in October to 4.1 percent in November as a testament to President Ferdinand R. Marcos Jr.’s dedication to stabilizing the Philippine economy and improving Filipino lives.
According to Philippines News Agency, this development reflects the collective efforts and resilience of the Filipino people. He referenced the beginning of the year, when inflation peaked at 8.7 percent in January, driven by increased food and fuel prices, and highlighted the administration’s consistent focus on addressing this issue.
President Marcos has previously expressed his administration’s commitment to curbing inflation and maintaining price stability through various measures. Romualdez noted the President’s imposition of price caps on rice in September, when inflation stood at 6.1 percent. Carlos Manapat, Chair of the Economics Department at the University of Santo Tomas (UST), observed in a November statement that these price caps had a stabilizing effect on rice prices.
The Philippine Statistics Authority attributes November’s inflation decrease to slower increases in food prices and reduced transport costs. The food and non-alcoholic beverages sector showed a decreased year-on-year growth rate of 5.7 percent in November, down from 7 percent in October. The transport sector also reported a 0.8 percent annual decrease, contrasting with October 2023’s 1 percent growth. Additionally, core inflation, excluding certain food and energy items, slowed to 4.7 percent in November from 5.3 percent in October.
Romualdez assured that the House of Representatives, in collaboration with President Marcos and relevant agencies, would continue efforts to control inflation and promote economic stability. He emphasized the House’s readiness to monitor staple prices and recommend reimposing price limits if necessary. The House will also exercise its oversight authority to investigate and combat hoarding, profiteering, price manipulation, smuggling, and other practices that disrupt the value chain.
Further, Romualdez pledged to expand the Cash Assistance and Rice Distribution (CARD) program, initiated in response to President Marcos’ challenge to provide rice aid to impoverished Filipinos. The program aims to extend its reach, particularly to remote communities, to help more people and positively impact food prices and poverty. CARD, in partnership with the Department of Social Welfare and Development, has distributed rice and financial assistance to thousands in Metro Manila and provinces like Laguna, Bukidnon, and Isabela. Romualdez expressed optimism that these efforts will lead to more positive outcomes, enhancing the holiday season and the new year for Filipino families.
