Philippine House of Representatives Focuses on Programs to Sustain Reduction in Inflation
MANILA: The Philippine House of Representatives is reinforcing its commitment to further decrease inflation rates by continuing and enhancing intervention programs. These efforts come in response to the recent reported decline in inflation, signifying the success of the initiatives launched under President Ferdinand Marcos Jr.’s administration.
According to Philippines News Agency, the positive results from the last quarter of 2023 are driving the legislative body to focus on programs that aim to lower or stabilize food prices. This commitment, expressed in a news release on Sunday, is in partnership with President Marcos. The Speaker emphasized support for farmers and fisherfolk, as well as measures to keep the economy growing while assisting vulnerable sectors.
The Philippine Statistics Authority reported that inflation eased for the third consecutive month in December, dropping to 3.9 percent from 4.1 percent in November and 4.9 percent in October. Romualdez expressed satisfaction with this trend, especially given the typical price increases during December and the Christmas season.
The Speaker acknowledged the challenging start of 2023, which saw a 14-year inflation peak of 8.7 percent, primarily due to rising food and fuel prices. The reduction to 3.9 percent in December aligns with the government’s target inflation rate of 2 to 4 percent. Romualdez credited this achievement to effective government measures, including interventions by President Marcos, such as the rice price cap.
To support agricultural production, the 2024 national budget includes significant funding for farmers, including resources for seeds, fertilizers, farm implements, and irrigation. Furthermore, the budget provides billions for social support to the poor, near-poor, and other vulnerable groups.
A notable inclusion in the budget is the AKAP or Ayuda sa Kapos ang Kita program. This PHP60-billion fund aims to provide direct cash assistance to near-poor families, benefiting at least 12 million households. The program targets low-income workers across various sectors by offering a one-time cash assistance of PHP5,000.
The House Speaker also highlighted the continuation of existing government programs targeting the poorest populations, such as the Assistance to Individuals in Crisis Situation (AICS) and Tulong Pang-hanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD). These programs will receive PHP23 billion and PHP30 billion, respectively.
Romualdez concluded by attributing the significant reduction in inflation since November to the intervention measures implemented by President Marcos and his administration. He expressed optimism about the continuation of these programs and their impact on the nation’s economic stability.