The Congress seeks to strengthen the Philippine agriculture sector amid the slower inflation rate in September 2024.
According to Ako Bicol Party-list Rep. Elizaldy Co, they are working on projects to help the country’s economy develop and improve. He expressed his appreciation for President Ferdinand Marcos Jr. for his efforts to curb inflation.
The Philippine Statistics Authority (PSA) reported that the country’s overall inflation slowed down to 1.9% in September 2024, the lowest inflation rate recorded since the 1.6% inflation rate in May 2020.
The downtrend in the overall inflation in September 2024 was due to the slower annual increment and lowered prices of food, non-alcoholic beverages, and transport.
“In addition, a slower inflation rate was recorded for housing, water, electricity, gas, and other fuels during the month at 3.2 percent from 3.8 percent in August 2024,” the PSA stated.
Moreover, Co mentioned how the President’s decision to lower the rice tariff on imported rice aided in stabilizing the prices of goods. He added the importance of implementing short-term and long-term measures, like the Marcos administration’s legacy on food security to strengthen agriculture in the country.
The congressman will also be investing in agriculture, as per National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan’s advice. This action will provide farmers access to high-quality seeds and modern technology.
