PALACE: PRRD’S ACTIONS LED TO LOW DEC INFLATION
MANILA -- President Rodrigo R. Duterte's actions and understanding of the Philippine economy have led to the country's lowest inflation rate since June 2018, Malacañang said Friday.
In a statement, Presidential Spokesperson Salvador Panelo said Duterte understands the dynamics of the country's economic situation and provided remedies that will "draw to a close the unease of the ordinary consumer."
"Despite this development, the President and this Administration will not fall into complacency in balancing the country's overall economic progress and alleviation of our people's distress to inflation," Panelo said.
He attributed the easing of last month's inflation rate to the President’s signing of Administrative Order No. 13 that eased the import of agricultural products, especially rice, and Memorandum Orders No. 26, 27, and 28 which stabilized the price and supply of agricultural and fishery products.
"Filipinos can expect that we will remain vigilant as we continue to monitor the prices of basic goods and commodities, and implement measures to further ease the burden of our countrymen," Panelo said.
On Friday, the Philippine Statistics Authority (PSA) reported a 5.1 percent inflation rate for December, falling below analysts' expectations of 5.6 percent, as food and transportation prices continued to fall.
The average inflation rate for the entire 2018 is 5.2 percent. (PNA)
Photo from Reuters/ABS-CBN