House Speaker Martin Romualdez assured that the House of Representatives would continue to use the resources at its disposal to keep food inflation manageable.
His commitment was in reaction to President Marcos’ policy statement that his administration would continue implementing measures to control upward surges in food prices and other basic necessities.
The President made his remark after the Philippine Statistics Authority (PSA) reported that inflation in August slowed to 3.3 percent, down by 1.1 percent from 4.4 percent in July.
“We will help the President by approving pieces of legislation and exercising our oversight power to keep prices down, untangle bottlenecks in the distribution chain that push prices up, and expose abusive practices like hoarding and price manipulation,” Romualdez said.
He said the decline in inflation last month meant that government intervention measures like the direct sale of rice to the poor through Kadiwa stores and the President’s decision to significantly reduce rice import tariff were succeeding.
“It was meant to be. It was not a fluke,” he said.
He added that inflation rates in July and August are usually on an elevated level since this is the start of the rainy season when it becomes more difficult for producers and distributors to transport and distribute consumer products.
The House leader noted that in August 2023, inflation was recorded at 5.3 percent, which means that this year’s level was 2.3 percent lower than the rate two years ago.
“Managing inflation is a see-saw battle. The challenge for us is to keep it falling, or at least steady. And with the executive and legislative branches and of course, the private sector working together, I hope we succeed for the benefit of our people,” he stressed.
Meanwhile, Romualdez issued a stern warning to agricultural cartels, vowing that those involved in price manipulation and the smuggling of essential goods—acts considered economic sabotage—will face not only massive fines but criminal charges as well.
“Economic sabotage is a crime of the highest order. The law demands life imprisonment for large-scale agricultural smuggling, and we will make sure those responsible face the full force of justice. These cartels are not just committing fraud; they are endangering our food security and destroying the livelihoods of our farmers,” the Speaker said.
The warning came after the recent identification of 12 key members of an onion cartel in the Philippines, now facing a staggering P2.4 billion in fines as an offshoot of a House investigation he initiated.
