Manila: Speaker Ferdinand Martin Romualdez on Tuesday welcomed the report of the Philippine Statistics Authority (PSA) on inflation, vowing that the House of Representatives would continue pursuing measures to reduce food prices. "The PSA report is a welcome development. It is a piece of good news for all of us, for President Ferdinand R. Marcos Jr., for Congress, and especially for our people," Romualdez said in a statement.

According to Philippines News Agency, the PSA reported that inflation, or the rate of increase in consumer prices, fell significantly to 0.9 percent in July from 1.4 percent in June, and from 4.4 percent a year ago in July 2024. Based on PSA data, the inflation rate stood at 2.9 percent in January before steadily going down to 2.1 percent in February, 1.8 percent in March, 1.4 percent in April, and 1.3 percent in May.

"This means that the administration of President BBM (Bongbong Marcos), with the help of Congress, principally the House of Representatives, has successfully tamed inflation," he said. "The inflation rate is not just a number. It represents more Filipino families being able to afford rice and basic food items, more Filipinos being able to fight hunger."

The House leader noted that in the case of rice, its retail price has been going down since the President took measures to cut import tariff. He said the House likewise exercised its oversight function to check profiteering, hoarding, price manipulation, and other abusive practices by traders, wholesalers, and intermediaries.

"We will continue to do oversight to make sure that prices are in check and are kept low, especially that of rice," Romualdez said. "We hope to sustain the trajectory of these numbers, or at least keep prices low for our people."