Palace jubilant over 2.7% record-low inflation rate in June

“Soaring infation has been slayed. It is now a thing of the past.”

This is how Malacañang described the inflation easing to 2.7% in June 2019, considered the lowest rate recorded by local statisticians since September 2017.

Presidential Spokesman Salvador Panelo said, as the Philippine Statistics Authority (PSA) attributes the downward trend of inflation to the lowered price of rice as an effect of the Rice Tariffication Law, signed by the President early this year, and the continuous decrease in prices of petroleum and gasoline, as well as other basic commodities.

“Due credit must be given to our country’s economic managers for this positive development. The lawmakers of the last Congress should likewise be credited for supporting the President’s legislative agenda by passing Republic Act No. 11203,” Panelo said.

According to Panelo, they are thankful to the people’s patience and trust while surging inflation is being decisively addressed by this Administration.

“We will sustain our efforts in stabilizing and maintaining the prices of basic goods and services even as we endeavor to improve the day-to-day living of the Filipino people,” Panelo added.