Palace claims slower inflation due to political will

MANILA, Philippines — It’s the government’s “strong political will and decisive action” that led to the slower inflation in April, Malacañang said yesterday as it expressed optimism prices would continue to ease this year.

“We give credit to the President’s strong political will and decisive action in addressing this national issue,” presidential spokesman Salvador Panelo said in a statement.

“We are confident that inflation would continue to ease by the end of the year, especially now that President Duterte has already signed Republic Act No. 11203,” he added, referring to the Rice Tariffication Act.

Panelo said the administration was “happy” that inflation eased last month despite the El Niño phenomenon, which was expected to affect food production and raise prices.

He maintained the slower inflation has proved Duterte’s “competence” in managing the economy and debunked critics’ claim the President is “overfocusing” on peace and order.

“The government, through the President’s economic managers, has been constantly monitoring the prices of basic goods and commodities and will not relax its efforts but will press ahead with programs designed to assist each and every Filipino with their expenses,” Panelo said.

The headline inflation eased to three percent from 3.3 percent in March this year and 4.5 percent in April 2018, bringing the year-to-date average to 3.6 percent.

The April inflation figure was slightly below the median market forecast of 3.1 percent and is well within the Bangko Sentral ng Pilipinas’ forecast of 2.7 percent to 3.5 percent for the period.

This marks the sixth month headline inflation has decelerated since peaking at 6.7 percent in September and October last year.