Speaker hails drop in inflation, vows House will help stabilize food prices

Speaker Ferdinand Martin Romualdez on Sunday vowed that the House of Representatives, in partnership with President Marcos, will continue to pursue programs to further bring down inflation by reducing or at least stabilizing food prices.

Romualdez made the commitment in reaction to the report of thePhilippine Statistics Authority that inflation eased for the third straight month last December to 3.9 percent, from 4.1 percent in November and 4.9 percent in October.

“We are happy about this encouraging piece of good news, especially for our people. The easing of inflation last month meant that food prices were still down despite the fact the December and the Christmas season usually see prices jumping to unreasonable levels,” he said.

The fall in inflation meant the administration’s intervention programs implemented before Christmas yielded positive results, the Speaker noted.

“This development is a testament to the collective effort and resilience of our people and the Marcos administration’s commitment to make life better for every Filipino,” he said.

The nation began the year facing a 14-year inflation peak of 8.7 percent in January, driven by increases in food and fuel prices, Romualdez noted.

“We have tamed the monster, cutting it down by more than half,” the lawmaker for Leyte emphasized.

The Speaker said the December figure of 3.9 percent is aligned with the government’s target of 2 to 4-percent inflation.

Congress will remain focused on pursuing programs, especially those funded in the 2024 national budget, that would further bring down inflation by supporting farmers and fisherfolk in general, keeping the economy growing, while helping the vulnerable sectors, Romualdez promised.

“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 said.

This year’s budget also allocates billions for the poor, near-poor, and other vulnerable sectors.

The P5.768-trillion national budget this year includes almost P500 billion for social amelioration programs or “ayuda” for 12 million poor and low-income families or an estimated 48 million Filipinos.

Congress introduced in the budget a new program called AKAP, for Ayuda sa Kapos ang Kita.

“It’s a P60-billion fund, whose aim is to provide direct cash assistance to the ‘near poor’ or families earning up to P23,000 a month. At least 12 million households will benefit from it, including low-income workers like those in construction and factories, drivers, food service crew, and the like,” Romualdez said.

The target beneficiaries would receive a one-time cash assistance of P5,000.

“If the program is successful, we can continue implementing it next year,” he said.

The Speaker attributed the significant fall in inflation since November to intervention measures taken by the Chief Executive and supported by him and his colleagues in Congress.

He cited the P45 per-kilo cap on the price of rice the President imposed at the start of September.

“We will continue to monitor the prices of rice and other staples. 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.

The Speaker said he continues to receive reports that rice prices are still at P50 to P60 per kilo.

He warned profiteers, hoarders, smugglers, and price manipulators thatCongress would not hesitate to exercise its oversight power by launching inquiries to expose them and their illegal activities.

With his own intervention project, the Speaker has launched CARD (forCash Assistance and Rice Distribution), consistent with the President’s efforts to help the poor.

“We will aim to reach more areas, especially remote communities, as soon as possible so we could help more people. We hope this project would ultimately have a favorable impact on food prices, on inflation, and on poverty in general,” he said.

In partnership with the Department of Social Welfare and Development, CARD teams have distributed rice and financial assistance to thousands of beneficiaries in Metro Manila and in the provinces.

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