House Speaker Martin Romualdez (Speaker’s office)

House Speaker Martin Romualdez highlighted on Tuesday, Nov. 7 the "tangible benefits" of having a slower inflation.

This, as Romualdez welcomed the easing of inflation by a significant 1.2 percentage points.

"In a heartening update, the Philippine Statistics Authority has reported a welcome decline in inflation to 4.9 percent in October, a drop from the 6.1 percent recorded in the preceding month. Notably, this decrease has been driven by a slower rise in the prices of staple foods, including vegetables," he said in an statement

"This improvement has tangible benefits for our everyday life," the Leyte 1st district representative noted.

"Families nationwide can anticipate less financial pressure, with essentials becoming more affordable and accessible. Moreover, lower inflation boosts purchasing power, enabling Filipinos to save or invest in pivotal areas such as education and healthcare, thereby fostering personal development," he explained.

Romualdez said the 300-strong House of Representatives recognizes the significance of continuing the downward inflationary trend.

"The easing of prices, especially for essentials like vegetables, offers immediate respite to the average Filipino by lowering the cost of living and improving their financial capability," the Speaker said.

"In response to global economic headwinds," Romualdez said, "The House is dedicated to formulating policies that underpin economic resilience, spur investment, and bolster agricultural output to help all the pro-poor programs of President Marcos."

He such that measures are key to shielding the Philippines from external economic disturbances.

"Fiscal responsibility, including reducing deficits and debt management, is essential to maintaining low inflation and is a priority for the House," he said.

Moreover, Romualdez says the House is prioritizing the reinforcement of supply chain infrastructure to mitigate the effects of global supply interruptions on domestic prices.

"Consumer protection is also at the forefront, with updates to legislation aimed at preventing price exploitation and keeping basic necessities within reach for all Filipinos."

"However," noted Romualdez, "The House is cognizant that vigilance is crucial as the Philippine government faces ongoing and new challenges from global conflicts and supply chain disruptions."

"We are resolute in our vigilance and proactive stance. Our commitment to fortifying the economy against such adversities and to protecting our progress in combating inflation endures," he said.