Speaker Ferdinand Martin Romualdez said July 5 that he is confident that the Marcos administration, together with Congress, principally the House of Representatives, could further ease inflation.
The leader of the 300-plus-strong House made the statement in reaction to the Philippine Statistics Authority (PSA) report that inflation slowed in June to 3.7 percent, from 3.9 percent in May, due mainly to lower energy and transportation costs.
Romualdez also expressed elation over the decline in rice inflation, which the PSA reported at 22.5 percent in June, from 23 percent in May.
He said the administration is trying to bring down rice prices by direct sales to consumers through Kadiwa stores and subsidies. “P42 to 45 per kilo is achievable.”
Over the long term, the House would support farmers with farm inputs, implements, infrastructure, and other forms of assistance to encourage them to increase their produce. “An increase in the harvest of our farmers will lead to lower prices,” he stressed.
Romualdez praised the administration of President Ferdinand Marcos Jr. for its outstanding management of the nation’s economy.
“This means that inflation, which measures the rate of increase in the prices of goods and services, has been effectively controlled by the administration’s strategic economic policies,” Romualdez said in a press release, adding that this achievement was amid ongoing global challenges, including supply chain disruptions and financial instabilities in significant economies.
He said the House would also work to further reduce electricity rates, adding they would try to finish the EPIRA changes before Congress goes on its Christmas recess.
Electricity rates in the country are among the highest in the ASEAN region.
Romualdez said the EPIRA amendments would be preceded by an inquiry into the energy situation. “We want to know the problems with the law, why the law that was supposed to streamline the energy sector has unfortunately brought up electricity rates. We will call all stakeholders – power producers and distributors, the transmission company, and most importantly the consumers represented by consumer groups.”
The Speaker has been instrumental in guiding legislative support for the administration’s economic agenda. Under his leadership, the House has passed critical legislation for economic stability and growth, ensuring that the government has the tools to address inflationary pressures effectively.
He noted that the administration has strengthened local production by supporting agriculture and manufacturing sectors, reducing import dependency, and stabilizing the prices of essential goods.
“Targeted financial interventions, such as subsidies for essential commodities and financial support for key industries, have helped cushion the economy against external shocks. Efficient supply chain management, through enhanced logistics and streamlined operations, has ensured the steady flow of goods, preventing shortages and price spikes,” Romualdez explained.
He added: “We must remain proactive and resilient, ensuring that our economic policies evolve with the changing global dynamics. The road ahead may present new challenges, but with the same dedication and strategic approach, we will continue to thrive.” ||
