SPEAKER Ferdinand Martin G. Romualdez on Friday said he is confident that the Marcos administration, together with Congress, principally the House of Representatives, could further ease inflation.
The leader of the 300-plus-strong House made the statement in reaction to the Philippine Statistics Authority (PSA) report that inflation slowed in June to 3.7 percent from 3.9 percent in May due mainly to lower energy and transportation costs.
Romualdez praised the administration of President Ferdinand “Bongbong” R. Marcos Jr. for its outstanding management of the nation’s economy.
“This means that inflation, which measures the rate of increase in the prices of goods and services, has been effectively controlled by the administration’s strategic economic policies,” Romualdez noted.
He pointed out this achievement amidst ongoing global challenges, including supply chain disruptions and financial instabilities in significant economies.
“We will work to further reduce electricity rates and rice prices. Accomplishing that will surely lead to a further moderation of inflation,” Romualdez said.
“Titingnan natin ang posibleng amendments sa EPIRA para maibaba natin yung presyo ng kuryente, para abot kaya ng lahat ‘yung sa tamang presyo,” he said.
He said the House would try to finish the EPIRA changes before Congress goes on its Christmas recess.
“So medyo kumplikado yan kasi malaki itong batas at we will handle it by sections pero kayang kaya natin tapusin ‘yan before siguro the Christmas break,” he added.
Electricity rates in the country are among the highest in the ASEAN region.
Speaker Romualdez said the amendment of the EPIRA would be preceded by an inquiry into the energy situation.
“We want to know what is the problem with the law, why the the law that was supposed to streamline the energy sector has unfortunately brought up electricity rates. We will call all stakeholders – power producers and distributors, the transmission company, and most importantly the consumers represented by consumer groups,” he said.
He expressed elation over the decline in rice inflation, which the PSA reported fell to 22.5 percent in June from 23 percent in May.
He said the administration is trying to bring down rice prices by direct sales to consumers through Kadiwa stores and subsidies.
“P42 to 45 per kilo is achievable,” he said.
Over the long term, he said the House would support farmers with farm inputs, implements, infrastructure, and other forms of assistance to encourage them to increase their produce.
“An increase in the harvest of our farmers will lead to lower prices,” he stressed.
As the House of Representatives leader, Speaker Romualdez has been instrumental in guiding legislative support for the administration’s economic agenda.
Under his leadership, the House has passed critical legislation for economic stability and growth, ensuring the government has the tools to address inflationary pressures effectively.
Speaker Romualdez said the global economic landscape has been marked by unprecedented challenges, including conflicts that have strained international relations, disruptions in supply chains affecting the availability of goods, and financial instabilities in major economies.
“These factors have collectively contributed to rising inflation rates worldwide. However, through proactive measures, the Philippine government has successfully navigated these challenges,” he explained.
The House leader noted that the administration has strengthened local production by supporting agriculture and manufacturing sectors, reducing import dependency, and stabilizing essential goods’ prices.
“Targeted financial interventions, such as subsidies for essential commodities and financial support for key industries, have helped cushion the economy against external shocks. Efficient supply chain management, through enhanced logistics and streamlined operations, has ensured the steady flow of goods, preventing shortages and price spikes,” he said.
“Moreover, the Bangko Sentral ng Pilipinas (BSP) has implemented prudent monetary policies, keeping inflation expectations anchored and maintaining currency stability,” he added
Speaker Romualdez said the impact of these measures on ordinary Filipinos has been profound as reduced inflation translates to lower living costs, enabling families to afford necessities without straining their budgets.
He added that the price stability has also fostered a more predictable economic environment, encouraging both local and foreign investments and subsequently generating more jobs.
“By keeping inflation under control, we have safeguarded the purchasing power of every Filipino. This achievement is not just a testament to the administration’s competence but also a promise of continued prosperity and stability for our nation,” Speaker Romualdez said.
The House leader, however, emphasized the importance of continued vigilance and adaptive strategies to maintain this positive trajectory.
“We must remain proactive and resilient, ensuring our economic policies evolve with the changing global dynamics. The road ahead may present new challenges, but with the same dedication and strategic approach, we will continue to thrive,” he said.
