House Ways and Means Committee Chairman and Albay Representative Joey Sarte Salceda welcomed the unexpected drop in September 2024 inflation, highlighting its significance for the Marcos administration’s economic agenda.
Salceda noted that the lower-than-expected inflation creates opportunities for ambitious spending on economic and social services programs.
The economist-lawmaker added that it also gives the Bangko Sentral ng Pilipinas room to maneuver as the US Federal Reserve and other central banks inevitably adjust their interest rates.
He pointed out that low food inflation led to significant price reductions in fruits and vegetables, alongside a slight decrease in fish prices.
Salceda mentioned that sugar inflation suggests its price could normalize soon.
However, he warned that vigilance is still needed, especially with rice prices remaining at 5.7 percent.
“We must remain vigilant about rice inflation, which the poor tend to be most sensitive to. Rice is still at 5.7 percent, but we could still improve this figure. The October harvest season should further lower these levels. We should also watch out for corn prices, which are at 6.9 percent inflation, given its key importance as an input to meat, poultry, and fish prices,” Salceda stated.
In response to these concerns, Salceda announced the formation of a five-committee panel focused on food security and pricing, with his Ways and Means Committee taking the lead.
Salceda said that the House of Representatives has already established this five-committee panel to address food security and food prices.
His Committee on Ways and Means will serve as the lead committee for this effort.
The other constituent committees include Trade and Industry, Food and Agriculture, Social Services, and the Special Committee on Food Security.
This joint panel, named Quint-Comm, has four main objectives.
These include achieving P20 per kilo of rice, increasing annual GVA growth in agriculture, reducing agricultural losses, and making livestock and poultry prices competitive at the regional level.