SPEAKER Ferdinand Martin G. Romualdez on Friday expressed elation over the report of the Philippine Statistics Authority (PSA) on the drop in the inflation rate, or the level at which food prices are rising.
“This is a welcome development. As I have been saying, this shows that the intervention measures taken by President Ferdinand R. Marcos Jr. and his administration like the drastic reduction in tariff on rice imports and the setting of maximum retail prices for rice and other food items are paying off,” Speaker Romualdez said.
“We are happy for our people because slower inflation means less financial burden on their part,” said the leader of the 306-member House of Representatives.
According to the PSA, inflation last month slowed to a six-month low of 1.8 percent, from 2.1 percent in February. In March last year, the rate was 3.7 percent.
The agency attributed the lower inflation rate last month to decreasing prices of food and non-alcoholic beverages.
Speaker Romualdez said he believes that falling rice prices were the main driver of the decreased inflation level in March.
“We are seeing rice prices dropping gradually due to government intervention measures, principally the decision by the President to reduce tariff on imported rice,” he said.
He said he hoped that inflation would continue to fall or at least stay below two percent.
“As I have stated before, the continuing challenge is for us to keep the increase in food prices down,” he added.
The House leader urged the government to prepare for the coming rainy season, which he said usually puts upward pressure on prices.
He said the House would continue to help the executive branch fight inflation through legislative measures and its exercise of its oversight power
