The House of Representatives, in partnership with President Ferdinand R. Marcos Jr., will continue to pursue its campaign to bring down food inflation or temper the increase in food prices and inflation in general, Speaker Ferdinand Martin Romualdez said Tuesday.
Romualdez issued the statement as he welcomed the Philippine Statistics Authority (PSA) report that inflation fell to 4.1 percent from 4.9 percent last month.
He said the House “remains dedicated to crafting and implementing policies that will continue to curb inflation and foster a more stable and prosperous economy.”
“We are optimistic that these efforts will yield even more positive results, contributing to the joy and peace of the holiday season for every Filipino family. Together, we can look forward to a brighter and more prosperous new year,” he added.
The Speaker attributed the drop in inflation rate to intervention measures taken by President Marcos as supported by members of the House of Representatives.
In particular, Romualdez cited the P45-per-kilo cap on the price of rice the President enunciated in early September.
“We will continue to monitor the prices of rice and other staples. If we notice an unreasonable and unjustified increase, we will not hesitate to recommend to the President the reimposition of a price limit,” Romualdez stressed.
He cited complaints that low-priced rice is now seldom available in the market, which he added is flooded with varieties selling for P50-P60 per kilo.
He said that based on the Department of Agriculture (DA) reports, rice farmers have just harvested their October crop.
“So we see no reason for increasing rice prices unless traders take advantage of the Christmas season to increase profits. This reeks of profiteering, which the law prohibits,” Romualdez said.
According to him, Congress would conduct inquiries when needed to stop hoarding, profiteering, price manipulation, smuggling, and similar practices and to remove bottlenecks in the value chain.
“We will promptly exercise our oversight power of investigation and call out the concerned agencies as the situation requires because we are always cognizant of our duty to protect our people from illegal activities,” he stressed.
Romualdez also vowed to expand and hasten the implementation of the poverty intervention project dubbed Cash Assistance and Rice Distribution (CARD) in response to President Marcos’ challenge for the House of Representatives to provide rice aid for people experiencing poverty.
“We will aim to reach more areas, especially remote communities, as soon as possible to help more people. We hope this project would ultimately have a favorable impact on food prices and poverty in general,” he said.
He said he was happy to share the “encouraging news” regarding “significant easing in inflation,” which he added aligns with the 4-4.8-percent forecast range of the Bangkok Sentral ng Pilipinas (BSP).
“This positive trend is primarily attributed to a slowdown in the increase of food prices and a reduction in transport costs, thanks to the decline in fuel prices,” he said.
Specifically, the heavily weighted food and non-alcoholic beverages sector showed a year-on-year growth rate of 5.7 percent in November, down from 7 percent in October.
The transport sector also recorded a 0.8 percent annual decrease, a reversal from the 1 percent yearly growth observed in October 2023.
Additionally, core inflation, which excludes select food and energy items, has also decelerated to 4.7 percent in November from 5.3 percent in the previous month.
“This recent development is a testament to the collective efforts and resilience of the Filipino people, alongside the government’s commitment to stabilizing our economy and improving the living standards of every Filipino,” Romualdez said.
“We began the year facing a 14-year inflation peak of 8.7 percent in January, driven by surges in food and fuel prices. Recognizing the urgency of this issue, as reflected in the September Pulse Asia survey where inflation was cited as the most pressing concern, our focus in addressing this problem has been strong and consistent,” he said.
In partnership with the Department of Social Welfare and Development, CARD teams have distributed rice and financial assistance to thousands of beneficiaries in Metro Manila and several provinces, including Laguna, Bukidnon, and Isabela.
CARD was launched in Metro Manila’s 33 legislative districts, each with 10,000 poor and vulnerable beneficiaries for an initial total of 330,000 recipients.
The amount of assistance each recipient gets totals at least P2,000—P950 for 25 kilos of rice at P38 per kilo and the remaining in cash for other food essentials.
Beneficiaries included senior citizens, disabled persons, solo parents, and indigenous people.
CARD targets tens of thousands of poor Filipinos nationwide.
