Lower inflation reflects political will — Andanar

Presidential Communications Secretary Martin Andanar said the latest inflation figure is an accomplishment reflective of the commendable macroeconomic policies and political will being adopted and employed by the Duterte Administration.

In a statement, Andanar said the 0.8 percent inflation rate in October 2019 is the slowest pace recorded since May 2016.

“This is a huge decrease from the 6.7 percent recorded in October of last year,” Andanar said.

“This inflation slowdown will greatly benefit the Filipino consumers,” he added.

Andanar also said a stable inflation rate over the medium term is anticipated with the continuity in the employment of the Dutertenomics.

“This (Dutertenomics) will have a favorable environment in boosting the Philippines’ economic performance,” he said.

Earlier, Chief Presidential Legal Counsel and Presidential Spokesperson Salvador S. Panelo, said the drop in October inflation is a testament that President Rodrigo 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.

“This should be good news to all Filipinos, especially to President Rodrigo Roa 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.

“Bringing a comfortable life for all Filipinos, which includes taming inflation, is the foremost socioeconomic goal of the Duterte Administration,” he added.

Panelo said as inflation continues to drop, the current government will continue to not let its guard down in monitoring the prices of basic commodities, especially now that we are in the ber months, approaching Christmas season.

National Statistician Claire Dennis Mapa on Tuesday described the latest inflation figure as the lowest in 43 months since the 0.7 percent registered in April 2016

According to Mapa, this development could be partly attributed to the decline in food prices, of which, rice posted the biggest drop with 9.7 percent. This brings negative growth for the staple grain for six consecutive months.

The PSA chief then noted the sustained uptrend in meat prices, particularly on chicken and beef, to have contributed to the latest inflation print.

“We are seeing an upward trend particularly in the prices of chicken. For meat overall…it’s like a shift. Right now, it’s clear in NCR (National Capital Region) and Region 3,” Mapa explained.

“Pork is declining. Right now, prices of chicken and beef generally, are (rising),” he said.

On a cumulative basis, inflation for the first 10 months of the year now stands at 2.6 percent, well within the government’s 2 to 4 percent target.

excerpt: Bringing a comfortable life for all Filipinos, which includes taming inflation, is the foremost socioeconomic goal of the Duterte Administration, said Panelo.