Gov’t eyes decline in inflation

Published October 19, 2018, 4:31 PM

by Francine Ciasico


By Genalyn Kabiling

The government is looking forward to the decline in the country’s inflation rate starting this month amid efforts to stabilize food supply and prices.

Presidential Spokesman Salvador Panelo (OPS / MANILA BULLETIN)
Presidential Spokesman Salvador Panelo

Presidential Spokesman Salvador Panelo made the statement even after the inflation rate soared 6.2 percent in the third quarter. The latest inflation rate, reportedly driven by high food and oil prices, was higher compared from 4.8 percent in the second quarter.

“PRRD’s marching order to concerned members of his Cabinet is to ensure that there is food on every Filipino family’s table. Together with the Filipino people, we look forward to seeing the results of this decisive action by our Chief Executive,” Panelo said.

“We are confident that a disinflationary trend, as per our economic mangers, is about to begin and be felt by our countrymen this month,” he said.

Panelo said the government has taken measures to tame the inflation spike, including boosting the supply of imported rice and other agricultural products in the country. He noted that they were aware of the impact of inflation in the third quarter which was coming from supply-side pressures.

“We have addressed, and continue to come to grips with, the rising prices of basic commodities,” he said.

“The President has signed last month Administrative Order No. 13 which aims to streamline procedures on the importation of agricultural products, including rice, as well as Memorandum Order (MO) Nos. 26, 27, and 28 in order to stabilize the prices of agriculture and fishery products at reasonable levels and maintain their sufficient supply in our markets,” he said.

The President has also ordered the liberalization on importation of rice and food supply including fish as well as chicken by the private sector, according to Panelo.

“By such measure the prices of rice and other food items have started to taper down and the favorable and adequate supply is assured,” he said.