By Azer Parrocha/Philippine News Agency
MANILA — The easing of inflation rate in the country to 3 percent in April this year shows President Rodrigo Duterte’s competence in managing the Philippine economy, Malacañang said on Tuesday.
Presidential Spokesperson Salvador Panelo issued the statement as he welcomed the Philippine Statistics Authority (PSA) report which showed a decline of inflation rate in the country to 3 percent from the 3.3 percent in the previous month.
“The Palace is happy to learn about the slowing down of inflation to 3 percent in April of this year,” Panelo said in a statement.
Panelo said this downtrend in inflation rate came amid the El Niño phenomenon where food production gets affected and may possibly raise prices.
He said Palace gave credit to the President’s “strong political will and decisive action” in addressing inflation as a national issue.
“Much has been said about the economic policies of the Chief Executive,” Panelo said, referring to those who criticized the President for seemingly prioritizing the crackdown on illegal drugs over the economic issues.
“The current disinflation proves PRRD’s competence in managing our country’s economy while it disproves those who criticize him for over-focusing on our nation’s peace and order situation,” he added.
Panelo cited the President’s economic team for monitoring inflation, keeping the macro-economy stable, and addressing challenges particularly rising prices faced by Filipino families.
“The government, through the President’s economic managers, has been constantly monitoring the prices of basic goods and commodities and will not relax its efforts but will press ahead with programs designed to assist each and every Filipino with their expenses,” Panelo said.
Panelo, meanwhile, expressed confidence that the inflation rate would continue to ease by the end of the year especially with the signing of the Rice Tariffication Act (Republic Act 11203) which is expected to result in lower rice prices and help cushion the impact of inflation for the benefit of the consumers.
The PSA attributed the lower inflation rate mainly to the slower annual increase in the heavily-weighted food and non-alcoholic beverages index at 3 percent.
This is the lowest inflation rate posted since January 2018, according to the PSA.
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