Malacañang on Saturday expressed confidence that the Duterte administration is “delivering results” following the below one percent inflation rate recorded in September.

In a statement, Presidential Communications Operations Office (PCOO) secretary Martin Andanar said the Palace welcomes the latest inflation data as an indication that the government is doing its job.

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

On Friday, the Philippine Statistics Authority (PSA) reported that the inflation or the rate of increase in the prices of goods and services hit 0.9 percent last month, slower than the 1.7 percent recorded in August.

This is the lowest rate in 40 months since it clocked in at 1.3 percent in June 2016.

Last month’s inflation rate was a big improvement on the 6.7 percent inflation posted in September 2018 and it brought the year-to-date inflation for 2019 to 2.8 percent — within the government’s target of 2-4 percent for the entire year.

“The National Economic and Development Authority (NEDA) attributes the slowdown in part to the success of the Rice Tariffication Law which has allowed consumers to enjoy lower prices of rice because of higher supply,” Andanar said.

“NEDA has assured to fast-track programs that will enhance farmers’ skill and boost their productivity,” he added.

The NEDA expects inflation to ease further in the near term after the September rate fell below once percent amid higher supply of rice in the country allowed by the Rice Tariffication law.

“For our part, the PCOO 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,” the Palace official said.