Palace: With ‘sound, working’ Duterte economic policies, PH has slowest inflation in 3 years
MANILA, Philippines—The slowest inflation rate in over three years is a “testament” of President Rodrigo Duterte’s political will and his government’s “sound and working” economic policies, Malacañang said Tuesday.
Presidential spokesman Salvador Panelo issued the statement as inflation further eased from 6.7 percent in October 2018 to 0.8 percent in October 2019, the lowest inflation rate recorded since May 2016.
Inflation tracks the price movements of basic commodities over time.
“This should be good news to all Filipinos, especially to President Rodrigo Duterte’s doubters or cynics unless they see it otherwise, which would then reveal that what they are solely interested in is for this Administration to fail,” Panelo said in a statement.
“This positive development is a testament that President Duterte’s strong political will, together with his economic team’s sound and working macroeconomic policies and measures, contributed to the downward trend of prices and goods,” he added.
The October inflation is slightly slower than the 0.9 percent print recorded in the previous month.
Panelo said the government will continue to “not let its guard down” in monitoring the prices of basic commodities now that the Yuletide season is approaching. /jpv
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