Trade Secretary Alfredo E. Pascual stated that the downward trend of the country’s inflation rate will help the Department of Trade and Industry (DTI) foster the local business landscape and its competitiveness in the global stage.

According to a recent report from the Philippine Statistics Authority (PSA), the country’s inflation rate has declined from 4.1 percent in November 2023 to 3.9 percent in December 2023, which is the lowest recorded rate last year.

“This trend translates into increased purchasing power for our consumers, enabling them to contribute more actively to our economy. For our industry partners, it signifies a more predictable and stable environment for investment and growth, crucial for long-term economic sustainability,” said Pascual in a statement released on Saturday, Jan. 6.

He added that this also “highlights the effectiveness of our current administration’s economic recovery initiatives.”

Moving forward, he said the agency envisions “a matatag, maginhawa at panatag na buhay para sa lahat – a stable, comfortable, and peaceful life for all Filipinos.”

Pascual cited its continued application of the “whole-of-government approach, encompassing inter-agency collaboration and comprehensive, inclusive policy-making,” to realize their goals.

“We are committed to maintaining this momentum, aligning our economic goals with international standards to secure the Philippines’ position as a thriving, competitive player in the global economic arena,” Pascual added.

The country’s annual Inflation averaged around six percent during the first year of President Ferdinand Marcos Jr.’s term. This was considered the highest inflation rate recorded since the 8.2 percent logged during the 2008 global financial crisis.

Since June 2022, inflation has been driven by rising food and fuel costs.

The economic team of the Marcos administration previously stated that it hopes to maintain the government’s inflation target for this year of two to four percent.