By Filane Mikee Cervantes
MANILA – A lawmaker on Thursday said that the administration of President Ferdinand R. Marcos Jr. remains committed to stabilizing commodity prices following a slowdown in the country’s inflation rate to 2.1 percent in February.
In a statement, House Information and Communications Technology chairperson and Navotas Representative Toby Tiangco said the government’s priority is to make essential goods affordable for Filipinos.
“The President’s marching orders are clear: ensure that Filipino families have access to affordable goods,” Tiangco said.
Tiangco attributed the decline in inflation to government interventions, such as reducing the maximum suggested retail price for imported rice and implementing the Anti-Agricultural Economic Sabotage Act.
“Government interventions are working, but we must not be complacent,” he said. “Moving forward, we urge our partners in various government agencies to sustain this momentum and continue implementing strategies that will maintain stable prices of food and other commodities.”
According to the Philippine Statistics Authority, the slowdown in inflation was primarily driven by lower prices of food and non-alcoholic beverages.
“Lower food prices will help households allocate more for their other essential needs,” Tiangco said.,
The Anti-Agricultural Economic Sabotage Act, signed into law last year, classifies smuggling, hoarding, profiteering, cartel and financing of these crimes involving agricultural and fishery products as economic sabotage, punishable by life imprisonment and hefty fines. (PNA)
