Let's work together to build on inflation breakthrough

The Philippines' inflation rate sank to 0.9 percent in July, the lowest since October 2019 and a remarkable drop from June's 1.4 percent. This was mainly brought about by the steep drop in rice prices.

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This development is a moral necessity more than its statistical relief. It reflects billions in everyday burdens lifted from households—parents no longer forced to choose between rice and medicine, workers breathing easier with lower fares and electricity bills, families able to afford more than survival.

The release of rice buffer stocks and direct sales via Kadiwa stores worked wonders and proved transformative. To sustain this, structural reforms must be consolidated. Congress and the Executive must finalize amendments to the Rice Tariffication Law—reinstating a stronger National Food Authority and extending and scaling up the Rice Competitiveness Enhancement Fund (RCEF). That will assure rice affordability while empowering local production in the long run.

In the interim, it would help that President Marcos has already ordered the suspension of rice imports for 60 days starting Sept. 1.