Speaker vows House steps easing inflation

The House of Representatives will continue ramping up efforts to temper inflation, which dropped to 3.9 percent in December 2023.

Speaker Martin Romualdez said Sunday that the lower chamber will work closely with President Ferdinand Marcos Jr. to aid farmers and fisherfolk on food production that would help lower the cost of goods and services.

The commitment was the result of government's efforts that slowed down the inflation rate to 3.9 percent in December from 4.1 percent in November 2023.

December's inflation cooled down for the third time in a row, bringing the full-year average inflation rate to 6 percent.

It was the lowest rate recorded in 2023, the Department of Finance said.

Romualdez vowed that the House will remain focused on pursuing programs, especially those funded in the 2024 national budget, that are centered on keeping the economy growing while helping the vulnerable sectors.

Help farm workers

"We must assist those in our agriculture sector, including those engaged in agri-business, so they can produce more. More rice, more fish, more vegetables, more staple food will translate to lower prices," he said.

This year's P5.768 trillion budget includes enough funds to support farmers with seeds, fertilizer, and other inputs, farm implements, irrigation, and other forms of assistance, according to the House chief.

Trade Secretary Alfredo Pascual added the downward trend in the country's inflation rate indicates the government's steadfast commitment to fostering a conducive business environment and advancing globally competitive industries.

On Friday, the Philippine Statistics Authority reported that the decline in the Philippines' inflation rate from 4.1 percent in November 2023 to 3.9 percent in December 2023, which according to Pascual, noted the lowest recorded rate for the year and highlighted the effectiveness of the Marcos administration's economic  initiatives.

"This trend translates into increased purchasing power for our consumers, enabling them to contribute more actively to our economy," Pascual said.

"For our industry partners, it signifies a more predictable and stable environment for investment and growth, crucial for long-term economic sustainability," the Trade chief emphasized.

Looking ahead, he said the government's goal is to ensure a matatag, maginhawa at panatag na buhay para sa lahat — a stable, comfortable, and peaceful life for all Filipinos.