The government is committed to addressing economic challenges to sustain the country’s growth momentum, President Ferdinand R. Marcos Jr. said Tuesday as he welcomed the further drop in commodity prices.
In a statement, Marcos welcomed the latest Philippine Statistics Authority (PSA) report, which showed that headline inflation further eased to 2.78 percent in January 2024, the lowest since the 2.3 percent recorded in October 2020.
“We are pleased to announce a significant slowdown on inflation for January 2024,” he said.
“We remain committed to easing the burden on our citizens, as evidenced by the recent electricity bill discounts for low-income households.”
The January 2024 inflation rate is lower than the 3.9 percent posted in December 2023 and the 8.7 percent registered in January 2023.
The President attributed the slowdown in inflation to the 3.3 percent decline in food inflation, compared to the previous month’s 5.5 percent.
The downward trend, he said, was also driven by the government’s proactive measures, including the implementation of the National Adaptation Plan and the reactivation of Task Force El Niño.
“Additionally, strategic partnerships with countries like Vietnam for rice supply to allow further imports of key food commodities are crucial steps towards ensuring sustained progress,” Marcos said.
He also called on the public to help the government in addressing economic challenges to build a better future for everyone under a “Bagong Pilipinas” (New Philippines).
In a separate statement, Budget Secretary Amenah Pangandaman said the latest inflation rate indicates that the government’s economic policies are effective, despite global headwinds and climate change.
‘One with government’
Speaker Ferdinand Martin G. Romualdez on Wednesday commended the Marcos administration for its successful effort at taming inflation, saying the House of Representatives is “one with the government” in its efforts to further bring down the prices of basic commodities.
“It is reassuring that our inflation is within the bounds of the government’s forecast of 2 to 4 percent range. This is a relief to our people whose incomes have been chipped by rapidly rising prices of commodities,” Romualdez said in a statement.
He said the tireless work of the Marcos administration and Congress in introducing policies to stabilize the economy have contributed in slowing inflation at its present rate, which is considered the slowest inflation rate since the 2.3 percent recorded in October 2020.
Romualdez, however, said the country’s economy is “not out of the woods yet” and efforts should be bolstered to “temper inflation and other disruptions in the value chain amid global economic headwinds and climate change.”
He assured that the House of Representatives is “one with the government in upholding the economic rights of the people.”
“As part of the visible hand that regulates the market to protect our consumers, the House guarantees that it shall echo the voice of the Filipinos in crafting laws to ensure that basic commodities and prices of products will be accessible and affordable for all,” Romualdez said. (PNA)