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Palace ‘elated’ over 0.9% September 2019 inflation

/ 07:21 PM October 04, 2019

MANILA, Philippines — Malacañang welcomed Friday the slowest inflation rate in over three years, which the Philippine Statistics Authority (PSA) pegged at 0.9 percent in September, saying that it shows the administration is “delivering results.”

“We are elated to hear the Philippine Statistics Authority report that inflation is at its slowest pace in over three years. Despite the criticisms this administration receives, economic indicators show that our government is delivering results,” Communications Secretary Martin Andanar said in a statement.

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September inflation was consistent with the government assessment that inflation would continue to skid downhill in the third quarter of 2019 but pick up slightly in the fourth quarter, according to the Bangko Sentral ng Pilipinas.

READ: It’s official. September inflation just 0.9%

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Inflation hit a nine-year high of 6.7 percent in September 2018, mainly due to increases in rice and food prices. 

The government responded by lifting rice import restrictions.

According to Andanar, the Rice Tariffication Law, which Duterte signed into law in February, “has allowed consumers to enjoy lower prices of rice because of higher supply. 

READ: Duterte signs rice tariffication bill into law

The National Economic Development Authority has “assured to fast-track programs that will enhance farmers’ skill and boost their productivity,” the Palace official added.

“For our part, the PCOO (Presidential Communications Operations Office) will strengthen our information drive on the benefits of the law to consumers and farmers along with successfully communicating the President’s other landmark policies to the public,” Andanar said. /kga

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TAGS: BSP, Business, business news, economy, Inflation, local news, Malacañang, NEDA, News, Philippine news updates, PSA
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