Palace welcomes slow inflation rate

October 05, 2019

THE below 1% inflation rate recorded in September is an indication that the Duterte administration is “delivering results,” Malacañang said yesterday.

In a statement, Presidential Communications Secretary Martin Andanar welcomed the latest inflation data.

“We are elated to hear the Philippine Statistics Authority (PSA) report that inflation is at its slowest pace in over three years,” Andanar said.

“Despite the criticisms this administration receives, economic indicators show that our government is delivering results,” he said.

Inflation or the rate of increase in the prices of goods and services hit 0.9% last month, slower than the 1.7% recorded in August.

This is the lowest rate in 40 months since it clocked in at 1.3% in June 2016.

Last month’s inflation rate was a big improvement on the 6.7% inflation posted in September 2018.

This brought the year-to-date inflation for 2019 to 2.8%, within the government’s target of 2-4% for the entire year.

“The National Economic and Development Authority (NEDA) attributes the slowdown in part to the success of the Rice Tariffication Law which has allowed consumers to enjoy lower prices of rice because of higher supply,” Andanar said.

“NEDA has assured to fast-track programs that will enhance farmers’ skill and boost their productivity,” he said.

The NEDA expects inflation to ease further in the near term after the September rate fell below 1% amid higher supply of rice in the country allowed by the Rice Tariffication law.

“For our part, the PCOO (Presidential Communications Operations Office) will strengthen our information drive on the benefits of the law to consumers and farmers along with successfully communicating the President’s other landmark policies to the public,” the Palace official said.