Speaker: PBBM measures paying off after inflation hits 5-year low

SPEAKER MARTIN Romualdez on Friday said President Ferdinand R. Marcos Jr.’s economic interventions to curb food prices are "paying off" after inflation eased to its lowest level in nearly five years.

“This is a welcome development. As I have been saying, this shows that the intervention measures taken by President Ferdinand R. Marcos Jr. and his administration, like the drastic reduction in tariff on rice imports and the setting of maximum retail prices for rice and other food items, are paying off,” Romualdez said in a statement.

Inflation in March slowed to 1.8 percent from 2.1 percent in February, according to the Philippine Statistics Authority (PSA).

“We are happy for our people because slower inflation means less financial burden on their part,” Romualdez said.

Romualdez pointed to falling rice prices as the main reason for the easing inflation.

“We are seeing rice prices dropping gradually due to government intervention measures, principally the decision by the President to reduce tariff on imported rice,” he said.

Romualdez said he hopes inflation will continue to fall or stay below 2 percent, but warned that the rainy season could put upward pressure on food costs.

He said the House of Representatives would continue to support anti-inflation efforts through legislation and oversight.

Albay 2nd District Rep. Joey Salceda, chair of the Ways and Means committee, also welcomed the latest inflation data, particularly the 7.7 percent year-on-year decline in rice prices.

“As expected, inflation continues to slow down as the price pressures present last year on rice and other key commodities are no longer as heated,” he said.

Salceda, however, warned of rising meat prices, which jumped by 8.2 percent in March.

“We must remain vigilant about the prices of meat, which is in larger part determined by the price of corn,” Salceda said.

Salceda said lower corn prices could eventually lead to reduced meat and fish prices in the coming months, but the current spike in meat costs is still “cause for some concern.” (Filane Mikee Cervantes)