By Filane Mikee Cervantes
MANILA – House Speaker Martin Romualdez on Wednesday lauded President Ferdinand R. Marcos Jr.’s economic team for “getting the job done” as the country’s headline inflation rate eased to 2.1 percent in February.
“The Marcos administration has remained laser-focused on stabilizing prices, ensuring food security, and protecting the purchasing power of our people,” Romualdez said in a statement.
Romualdez said the House of Representatives will provide support by passing laws aimed at lowering food costs, ensuring stable energy prices, and creating jobs.
“We know how tough the past few years have been, but the numbers don’t lie — inflation is going down, and our economy is getting stronger. This is the result of sound leadership, strong policies, and the resilience of the Filipino people,” Romualdez said.
He vowed that the government would continue working to ensure that the downward trend in inflation leads to more savings and “an improved quality of life for every Filipino.”
“Patuloy nating itutulak ang mga repormang magpapagaan sa buhay ng bawat Pilipino (We will continue to push for reforms that will uplift the lives of every Filipino),” he said.
Albay Rep. Joey Salceda, chairperson of the House Committee on Ways and Means, said the decline in rice prices played a key role in easing inflation.
“February inflation is great at 2.1 percent but the better news is that rice prices declined by almost 5 percent year-on-year. I take that as a sign that we can continue with our rate cuts and we can pursue a more aggressive expansionary stance on the fiscal side,” Salceda said in a separate statement.
He said supply-side improvements, such as farm inputs, logistics, and cold storage, are critical to stabilizing food prices, particularly for fruits and vegetables.
Salceda also called for structural reforms to improve trade and transportation, including repealing provisions of the Cabotage Law that prevent foreign shipping firms from serving inter-island routes.
“We should also look at our rapidly deteriorating fish capture sector and see how we can make this more sustainable through aquaculture,” Salceda said.
The Philippine Statistics Authority reported that the country’s headline inflation rate fell to 2.1 percent in February, its lowest level since September 2024 when it stood at 1.9 percent.
The slowdown was driven by a decline in food and non-food inflation, with rice prices registering a sharper deflation of 4.9 percent, down from 2.3 percent in January. (PNA)
