Albay 2nd district Rep. Joey Salceda (Facebook)

Albay 2nd district Rep. Joey Salceda believes that the Marcos administration has successfully placed inflation "under control", but at the same time thinks more can be done. 

"Inflation is under control, but we can do better," Salceda, chairman of the House Committee on Ways and Means, said in a statement Friday, July 5. 

"As usual, it’s still about rice, but we are looking more at year-on-year effects now, rather than a continuing momentum of price increases. In other words, it’s not getting worse. It was 3.9 percent last month [May]," he noted. 

The Philippine Statistics Authority (PSA) pegged June inflation at a lower 3.7 percent. 

"That said, I expect PBBM’s (President Bongbong Marcos) measures to reduce tariffs on rice and boost agricultural production will yield their results in the figures for next month," said the economist-solon. 

ALSO READ: 

https://mb.com.ph/2024/7/5/romualdez-on-slower-inflation-marcos-economic-policies-are-working 

Salceda said the onset of the rainy season also bodes well for the prices of basic goods. 

"Hopefully, El Nino’s impact on fuel, water, and electricity prices will also dissipate as the rains begin," he said. 

The Bicolano also expects the Bangko Sentral ng Pilipinas (BSP) to stay the course in terms of monetary policy, 

"The BSP I think will remain relatively slow to make any moves on interest rates — until we see inflation in the 2-3 percent range. So, for now, no major shakeups in monetary policy."