
HOUSE Appropriations Committee Chairman Zaldy Co praised the administration of President Ferdinand Marcos, Jr. for its efforts in reducing inflation, which hit its lowest level in over four years.
Inflation dropped to 1.9% in September 2024, down from 3.3% in August and significantly lower than the 6.1% recorded in September 2023, according to the Philippine Statistics Authority (PSA).
The decline was driven by lower prices for food, non-alcoholic beverages, and transport. National Statistician Dennis Mapa attributed the drop to base effects and lower prices for essential goods like vegetables, fuel, and fish. The year-to-date average inflation now stands at 3.4%, within government’s target range of 2% to 4%.
Rep. Co stressed that the Marcos administration’s whole-of-government approach, including cutting tariffs on imported rice, has stabilized prices and made goods more affordable for Filipinos. He stressed that these short-term measures should be complemented by long-term strategies, particularly the President’s legacy projects on food security, to boost local agricultural production.
“We must prioritize strengthening food security by supporting our farmers. Congress is prepared to pass necessary legislation and allocated needed funds to help our agricultural sector thrive,” Co said.
He also echoed National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan’s call for increased investment in agricultural infrastructure. Co emphasized the importance of improving irrigation systems, building post-harvest facilities, and providing farmers with access to high-quality seeds and modern technology.