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Manila Bulletin devider Philippines devider National devider Romualdez on February 2024 inflation spike: 'We empathize with Pinoys' struggles'

Romualdez on February 2024 inflation spike: 'We empathize with Pinoys' struggles'

Published Mar 5, 2024 02:05 pm

At A Glance

  • Speaker Martin Romualdez says the House of Representatives "fully acknowledges and empathizes" with Filipinos amid the significant rise in inflation rate from January to February 2024. 

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Speaker Martin Romualdez says the House of Representatives "fully acknowledges and empathizes" with Filipinos amid the significant rise in inflation rate from January to February 2024. 

"We fully acknowledge and empathize with the struggles faced by our Filipino families due to the escalating food prices, which have notably increased following the inflation rate's rise to 3.4 percent in February from 2.8 percent in January," Romualdez said in a statement Tuesday, March 5. 

Romualdez acknowledged that the inflation figure was "particularly impacted by a 4.8 percent surge in food inflation". 

"We understand that these figures represent significant challenges for everyday living and the well-being of our communities," said the leader of the 300-plus strong. 

Inflation sped up in February after four straight months of slowdown. 

"While we recognize that many countries are grappling with higher inflation rates due to various global challenges, we remain focused on the immediate needs of our people. The global economic climate is indeed challenging, but our priority is the welfare and stability of our Filipino families," said Romualdez. 

Romualdez, hands-down President Marcos' top ally in legislature, assured the inflation-weary public that the government had been carrying out "proactive steps..to cushion our citizens from these hardships". 

"Notably, the House of Representatives has allocated a substantial budget for ayuda or relief subsidies in the 2024 General Appropriations Act (GAA). This decisive action demonstrates our commitment to protecting Filipinos from the adverse effects of global supply disruptions and ensuring that financial assistance is available to those who need it most," said the Leyte 1st district congressman. 

He notes that despite the global and local economic pressures, the Philippines continues to demonstrate remarkable economic resilience, and maintains a growth trajectory that stands out in the Asia-Pacific region. 

"However, we are mindful that economic growth must translate into tangible benefits for all sectors of society, particularly the underprivileged," said Romualdez. 

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