House Speaker Martin Romualdez has assured Filipinos that the Marcos administration has been taking steps to mitigate the problem of inflation in the country.
In a statement on Friday, Oct. 7, Romualdez noted that the uptick in inflation could be traced largely to "external factors".
He said these factors include the strength of the United States (US) dollar vis-a-vis the Philippine peso, the increase of the price of crude oil in the world market, and disruptions in the supply chain caused by the Covid-19 pandemic and Russia’s invasion of Ukraine.
“Singly, each of these events already puts pressure on inflation. Their confluence makes matters worse for all consumers throughout the world,” said Romualdez, a congressman from Leyte’s 1st district.
He said the government is taking measures to mitigate the impact of these external factors on domestic prices.
“Let us be patient. With the cooperation of everyone, we will get there. President Bongbong has said he would not let even a single Filipino added to the ranks of the poor,” Romualdez added.
Inflation rate hit 6.9 percent in September, the highest in four years. Inflation is reflected on the increase in prices of basic goods.
Marcos assumed the presidency only last June 30. Friday was his 100th day in office.