House Speaker Martin Romualdez (left), President Ferdinand "Bongbong" Marcos Jr. (Speaker’s office)

House Speaker Martin Romualdez says President Marcos' intervention programs on the country’s inflation problem are bearing fruit. 

Romualdez, Marccs' top ally in the legislature, had this to say Friday, Oct. 4 after the Philippine Statistics Authority (PSA) reported that inflation last month eased to 1.9 percent from 3.3 percent in August and 4.4 percent in July. 

The September inflation rate was the lowest in four years. 

“The intervention measures taken by the government under the leadership of President Marcos Jr. are now yielding positive results,” Romualdez said. 

He specifically cited the President’s decision to drastically cut the rice import tariff from 35 percent to just 15 percent, and the direct sale of rice to the public through Kadiwa stores. 

“These twin steps have significantly reduced the retail price of rice, from above P50 to P60 per kilo to P40 to P42 per kilo, or by at least 20 percent,” the Speaker said. 

Romualdez also cited the President's flagship social service programs--the Bagong Pilipinas Serbisyo Fair (BPSF) and Presidential Assistance to Farmers, Fisherfolk and Families (PAFFF)--that have visited 24 places all over the Philippines and granted more than P10 billion in government services and cash aid that benefited over 2.5 million Filipino families. 

"Aside from the cash aid distributed in BPSFs, which will definitely boost the spending power of the people and stimulate the local economy, the services offered here like employment requirements help citizens get jobs or seek livelihood," said the House chief. 

"Meron itong multiplier effect para sa ating bansa (This has a multiplier effect on our country). When people have jobs and livelihood, it benefits not only the local economy but that of the whole country's as well," added the Leyte 1st district congressman. 

He hoped inflation would continue falling, or at least remain at the lower end of the government’s 2024 target of 2-4 percent. 

"We will continue to support the programs of President Marcos para mas mapaganda pa ang buhay ng mga kababayan natin (so that the lives of our countrymen would continue to improve)," Romualdez said. 

"Gagawin namin ang lahat dito sa Kongreso para maiangat pa ang buhay ng mga Pilipino," he added. 

(We will do everything we can here in Congress to further uplift the lives of Filipinos.)

More elbow room for Marcos admin 

House Committee on Ways and Means Chairman Albay 2nd district Rep. Joey Salceda described the September rate as "surprisingly low". 

He went on to explain how this development would benefit the administration. 

"The surprisingly low September inflation figures gives the Marcos administration plenty of room to pursue more ambitious spending programs in economic and social services," said the economist-solon. 

"It also gives the Bangko Sentral ng Pilipinas much room for maneuver when the US Fed and other central banks inevitably adjust their interest rate levels," he said. 

"Low food inflation was due to massive disinflation in fruits and vegetables and slight reduction in prices for fish. Sugar inflation, which usually was in the mid-20s over the past months, was also negative, indicating that prices may be normalizing,"  Salceda said. 

"We must remain vigilant about rice inflation, which the poor tend to be most sensitive to. Rice is still at 5.7 percent—we could still improve this figure. The October harvest season should further lower these levels. We should also watch out for corn prices, at 6.9 percent inflation, given its key importance as an input to meat, poultry, and fish prices," he added.
 

Whole-of-government approach works

Ako Bicol Party-list Rep. Zaldy Co said National Statistician Dennis Mapa attributed this inflation rate drop to base effects and lower prices for essential goods like vegetables, fuel, and fish. 

The year-to-date average inflation now stands at 3.4 percent. 

Co stressed that the Marcos administration’s whole-of-government approach, including cutting tariffs on imported rice, has stabilized prices and made goods more affordable for Filipinos. He stressed that these short-term measures should be complemented by long-term strategies, particularly the President's legacy projects on food security, to boost local agricultural production. 

“We must prioritize strengthening food security by supporting our farmers. Congress is prepared to pass necessary legislation and allocated needed funds to help our agricultural sector thrive,” Co said. 

He also echoed National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan’s call for increased investment in agricultural infrastructure. Co emphasized the importance of improving irrigation systems, building post-harvest facilities, and providing farmers with access to high-quality seeds and modern technology.