Speaker Ferdinand Martin G. Romualdez (File photo)
MANILA – Speaker Ferdinand Martin G. Romualdez on Tuesday welcomed the recent drop in the country’s inflation rate as he reiterated the commitment of the House of Representatives to supporting the government in strengthening the economy and ensuring affordability for all.
“In a heartening update, the Philippine Statistics Authority has reported a welcome decline in inflation to 4.9 percent in October, a drop from the 6.1 percent recorded in the preceding month. Notably, this decrease has been driven by a slower rise in the prices of staple foods, including vegetables,” Romualdez said.
This decline, according to the House leader, carries tangible benefits in daily life as it eases financial pressure on families nationwide and makes essential goods more affordable and accessible.
He said lower inflation not only eases the cost of living but also enhances the purchasing power of Filipinos, enabling them to save and invest in vital areas like education and healthcare, thus contributing to personal development.
“The House of Representatives recognizes the significance of continuing this downward inflationary trend. The easing of prices, especially for essentials like vegetables, offers immediate respite to the average Filipino by lowering the cost of living and improving their financial capability,” he pointed out.
In response to global economic headwinds, Romualdez said the House is dedicated to formulating policies that support economic resilience, stimulate investment and strengthen agricultural output in support of President Marcos' pro-poor programs, all of which are crucial for shielding the Philippines from external economic challenges.
“Fiscal responsibility, including reducing deficits and debt management, is essential to maintaining low inflation and is a priority for the House,” Romualdez said.
In addition to these measures, Romualdez said the House was actively focused on strengthening supply chain infrastructure to mitigate the impact of global supply disruptions on domestic prices.
“Consumer protection is also at the forefront, with updates to legislation aimed at preventing price exploitation and keeping basic necessities within reach for all Filipinos,” he said.
“While the central bank primarily manages monetary policy, the House endeavors to pass laws that reinforce the bank’s efforts to meet inflation targets,” he added.
Recognizing that inflation affects every facet of Filipino life, Romualdez said the House is also committed to expanding social safety nets to safeguard the most vulnerable from both local and global inflationary pressures.
“Through these collective initiatives, the House of Representatives aspires to contribute to the nation's sustained economic vigor and well-being, ensuring a stable and prosperous future for Filipinos from all backgrounds,” he said.
Romualdez nevertheless underscored the need for vigilance in the face of ongoing global conflicts and supply chain disruptions.
“We are resolute in our vigilance and proactive stance. Our commitment to fortifying the economy against such adversities and to protecting our progress in combating inflation endures,” he said. (PNA)
