Palace says surging inflation now a ‘thing of the past’

Published July 5, 2019, 5:44 PM

by AJ Siytangco

By Genalyn Kabiling 

The country’s surging inflation rate is now “a thing of the past,” Malacañang declared Friday after the inflation slowed down to 2.7 percent in June.

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

“We’re very pleased with the inflation rate because we have slain the soaring inflation rate. It’s now the thing of the past,” Presidential Spokesman Salvador Panelo said in an interview with reporters at the Palace.

Panelo said the government has “decisively” addressed the country’s inflation rate, which eased in June due to lower food and fuel prices. The inflation rate reached 2.7 percent in June, slower than the 3.2 percent recorded last May.

The June inflation rate was considered the lowest rate recorded by local statisticians since September 2017, according to Panelo.

“The Philippine Statistics Authority (PSA) attributed the downward trend of inflation to the lowered price of rice as an effect of the Rice Tariffication Law that was signed by the President early this year, and the continuous decrease in prices of petroleum and gasoline, as well as other basic commodities,” he said.

Panelo also credited the government’s economic managers for doing a “splendid” job in managing the inflation as well as lawmakers for the passage of the crucial reforms such as the rice tariffication law.

“Due credit must be given to our country’s economic managers for this positive development. The lawmakers of the last Congress should likewise be credited for supporting the President’s legislative agenda by passing Republic Act No. 11203,” he said.

Panelo said the Palace was grateful for the people’s patience and trust while the administration sought to address the inflation in recent months. He also assured the public that the government would continue to ensure stable consumer prices.

“We will sustain our efforts in stabilizing and maintaining the prices of basic goods and services even as we endeavor to improve the day-to-day living of the Filipino people,” he said.

To the government’s critics, Panelo said they may always find fault in the administration. “Their wishful thinking is the inflation rate goes up, but sorry to disappoint them,” he said.

Read more: Inflation returns to downward trend at 2.7% in June — PSA