Gov’t won’t be complacent in taming inflation: Palace

Presidential Spokesperson Salvador Panelo made this remark after the Philippine Statistics Authority (PSA) announced that the country’s headline inflation has further eased to 1.7 percent in August of this year. (File Photo: Office of the Presidential Spokesperson/Facebook)

MANILA — Malacañang on Thursday assured that the government will not be complacent in taming inflation even after it has reached almost a three-year low in August.

Presidential Spokesperson Salvador Panelo made this remark after the Philippine Statistics Authority (PSA) announced that the country’s headline inflation has further eased to 1.7 percent in August of this year.

This figure is the lowest inflation in 35 months, in which the inflation rate was recorded at 1.8 percent in October 2016, according to the PSA.

Panelo thanked Cabinet members of President Rodrigo Duterte and vowed to work twice as hard in addressing soaring prices of basic goods.

“We thank the members of the economic team for a job well done as we assure our people that our success in taming inflation will not lull us into complacency,” Panelo said in a statement.

“The Duterte Administration will work double time in addressing the socioeconomic concerns of our people towards laying down the foundation of a safe, secure and prosperous nation where all Filipinos enjoy comfortable lives,” he added.

Citing data from the PSA, Panelo attributed the deceleration of inflation in August 2019 is to the slower annual increase in the index of food and non-alcoholic beverages; housing, water, electricity, gas, and other fuels; health; recreation and culture; restaurant and miscellaneous goods and services.

The transport sector also contributed to the downtrend of inflation for this month, he said.

He described this as “positive proof” that macroeconomic policies and measures put in place by the President and our economic managers are “sound and resilient.”