MANILA – Public can expect faster economic growth in the country after consumer prices fell to its lowest level in more than three years in October 2019, Presidential Communications Operations Office (PCOO) secretary Martin Andanar said on Tuesday.
In a statement, Andanar said President Rodrigo Duterte’s administration is on the right track for keeping the inflation on an easing path.
“This inflation slowdown will greatly benefit the Filipino consumers,” he said.
The Communications chief was also confident that the so-called Dutertenomics, a term that describes the President’s economic policies, would further tame the increase in prices of basic commodities in the country.
Dutertenomics, launched by the President’s economic managers in 2017, promotes economic strategies that will help transform the Philippines into a high middle-income economy by 2022.
“With the continuity in the employment of the Dutertenomics, anchored on the 10-point agenda, we anticipate a stable inflation rate over the medium term. This will have a favorable environment in boosting the Philippines’ economic performance,” Andanar said.
Price increases for basic goods and services slipped further to 0.8 percent in October from 0.9 percent in September.
The latest inflation rate is the slowest since the 0.9 percent registered in May 2016.
Andanar also acknowledged the “huge” decrease in the headline inflation for this month, compared to the 6.7 percent recorded in the same period in 2018.
He said the October inflation shows the decisiveness of the current administration’s economic policies.
“The latest inflation figure is an accomplishment reflective of the commendable macroeconomic policies and political will being adopted and employed by the Duterte administration,” the PCOO chief said.
In a separate statement on Tuesday, Presidential spokesman Salvador Panelo pledged that the Duterte government would work harder to manage the growth in consumer prices.
“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,” Panelo said. (PNA)