Albay 2nd district Rep. Joey Salceda (Facebook)



Economist-congressman Joey Salceda has boldy predicted that the country’s inflation rate slowdown would continue up to December, pegging it a below 3.0 percent before year's end. “The June inflation rate of 5.4 percent is the fifth consecutive month since January 2023 that inflation has declined. I see it going down to 2.9 percent by December," Salceda, Albay's 2md district representative, said in a statement Thursday afternoon, July 6. This, as Salceda praised President Ferdinand "Bongbong" Marcos Jr. for his economic exploits a year into his administration. “On conventional macroeconomic goals of lower prices, more jobs, and higher growth, he’s doing very well," the Bicolano said. From a fast 8.7 percent in January 2023, Philippine inflation slowed down to 8.6 percent in February, 7.6 percent in March, 6.6 percent in April, and 6.1 percent in May. "We just have to work on fiscal consolidation because there are some worrying signs," he Salceda said. "BIR (Bureau of Internal Revenue) collections have grown by just 0.5 percent over the first quarter, while BOC (Bureau of Customs) collections are at 13 percent growth. Nominal GDP (gross domestic product) growth is 11 percent. So, I have some worries there," noted the House Committee on Ways and Means chairman. “Hopefully the President announces a fiscal consolidation program during his State of the Nation Address (SONA), because we need to spur his majorities in both houses to pass new revenue measures. We needed to borrow to survive the pandemic, but we’re going to have to pay those debts," he said. “And when the interest and principal payments take their bite, we will have to do less infrastructure and social services, unless we create new revenue streams. We really need fiscal consolidation,” the Bicolano further said. Marcos is set to deliver his second SONA on July 24, 2023.