1 week ago
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MANILA, Philippines — Malacañang yesterday assured the public that the government would sustain efforts to keep inflation manageable.
“According to the National Economic and Development Authority, the lower inflation rate is an indication that the measures of the government against inflationary pressures are effective. The agency will work to keep the inflation rate low and to respond to the possible increase in the prices of commodities,” Presidential Communications Undersecretary Claire Castro said at a press briefing.
The Philippine Statistics Authority reported that inflation slowed further to 2.1 percent in February, down from 2.9 percent in January, marking a continued downward trend that signals improved economic conditions.
Speaker Martin Romualdez lauded the continued drop in inflation, saying it reflects the success of President Marcos’ economic team in stabilizing prices and protecting the purchasing power of Filipinos.
“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,” Romualdez said.
The Speaker gave assurance that the government remains committed to sustaining this momentum and ensuring that inflation continues to decline, translating to more financial relief for households.
He encouraged all sectors to continue supporting government initiatives aimed at enhancing food security, maintaining energy stability and generating jobs.
Albay Rep. Joey Salceda, chairman of the House committee on ways and means, personally believes this is a “sign that we can continue with our rate cuts and we can pursue a more aggressive expansionary stance on the fiscal side.”
He noted that aside from low inflation, the “better news is that rice prices declined by almost five percent year-on-year.”
However, he underscored the need for more ports and cheaper inter-island trade.
“We should look at repealing the provisions of the Cabotage Law which prohibits foreign shipping companies from serving Philippine inter-island trade,” he said.
“We should also look at our rapidly deteriorating fish capture sector and see how we can make this more sustainable through aquaculture,” Salceda said.
“Before the administration ends, we must meaningfully start the High Standard Highway Network program to create a road transport backbone for the country. Bicol rail must also be financed,” he proposed.
Lower pork prices seen
A drop of P20 per kilo in the retail price of pork is expected ahead of the implementation of the maximum suggested retail price (SRP) on the farm commodity, the Department of Agriculture said yesterday.
At a press conference, DA spokesman Arnel de Mesa said that lower retail price of pork is expected as hog raisers agreed to bring down the farmgate price.
“The farmgate price already decreased, from as high as P250 to P260 (per kilo), now we are seeing P220, P230 maximum farmgate price. That alone will contribute to the P10 to P20 per kilo drop in the production level,” De Mesa said.
Agriculture Secretary Francisco Tiu Laurel Jr. said he is eyeing the implementation of P360 and P380 per kilo max SRP on pork shoulder and pork belly, respectively, after a meeting with retailers today.
De Mesa said the max SRP on pork will be implemented gradually, just like the max SRP on rice.
He added that local pork production also improved amid the drop in the cases of African swine fever.
Based on monitoring of the DA in Metro Manila markets, the retail price of pork shoulder ranged between P350 and P420 per kilo and pork belly, P375 to P480 per kilo. – Jose Rodel Clapano, Delon Porcalla, Bella Cariaso
