(MANILA BULLETIN)

House Speaker Martin Romualdez says that the Philippines under the Marcos administration has successfully "tamed the monster" that is fast inflation.

Romualdez in a statement noted that the nation began 2023 facing a 14-year inflation peak of 8.7 percent in January. Increases in food and fuel price drove up the record-high number.

By December 2023, inflation had eased to 3.9 percent. The month marked the third straight time that inflation rate dropped, beginning at 4.9 percent in October and 4.1 percent in November, as per the Philippine Statistics Authority (PSA).

“We have tamed the monster, cutting it down by more than half,” the House chief said.

“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,” noted Romualdez.

He said inflation slowdown meant that the intervention programs implemented by the government even before the holiday season have yielded positive results.

“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,” said Romualdez, leader of the 300-plus-strong House of Representatives.

He says the December figure of 3.9 percent is aligned with the government’s target of 2-4 percent inflation.