By Genalyn Kabiling
Malacañang is confident the country's inflation will continue to ease amid its commitment to implement macroeconomic policies beneficial to the nation.
Presidential Spokesman Salvador Panelo
(OPS / MANILA BULLETIN)
Presidential Spokesman Salvador Panelo said the Palace welcomed the latest drop in the inflation rate, and vowed to remain on guard in monitoring consumer prices.
"Inflation continues to drop. The Palace welcomes this positive development with inflation further easing to 2.4 percent in July this year. This is the lowest inflation recorded since January 2017, according to the Philippine Statistics Authority,” Panelo said.
"We are confident that disinflation will continue as we remain on guard in monitoring the prices of basic goods and commodities. Filipino consumers can rest assured that the Duterte Administration will continue to work tirelessly in implementing macroeconomic policies which will have a positive impact that can be felt by our nation,” he added.
The country's inflation slowed further to 2.4 percent in July from 2.7 percent last June. The latest inflation rate was lower compared to the 5.7 percent recorded in July 2018.
Panelo has credited President Duterte and the economic team's hard work and political will for ensuring the downward trend of the inflation rate.
"The main drivers in the downtrend of inflation in July 2019 are food and non-alcoholic beverages; housing, water, electricity, gas, and other fuels; and transport. This is indicative of the hard work and strong political will of the President and our economic managers in reining in on the soaring prices of basic goods and services," he said.
Earlier, the Palace declared that the country's surging inflation rate has become "a thing of the past" shortly after the inflation slowed down to 2.7 percent last June.
At the time, Panelo lauded the 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.
He said the government will sustain efforts in stabilizing and maintaining the prices of basic goods and services while striving to improve the day-to-day living of the Filipino people.