Palace certain of ‘disinflationary trend’ in October amid 6.2% Q3 inflation
Malacañang is “confident that a disinflationary trend” will be felt by Filipinos this October even as the country registered a 6.2 percent inflation in the third quarter.
Presidential Spokesperson Salvador Panelo said President Rodrigo Duterte has signed several directives that would cushion the effects of inflation.
“We are fully aware of the impact of inflation in the third quarter of this year, which, according to our economic managers, is coming from supply-side pressures,” Panelo said in a statement.
“We have addressed, and continue to come to grips with, the rising prices of basic commodities,” he added.
He cited Mr. Duterte’s Administrative Order No. 13, “which aims to streamline procedures on the importation of agricultural products, including rice, as well as Memorandum Order (MO) Nos. 26, 27, and 28 in order to stabilize the prices of agriculture and fishery products at reasonable levels and maintain their sufficient supply in our markets.”
Panelo also noted of Mr. Duterte’s marching order to concerned members of his Cabinet “to ensure that there is food on every Filipino family’s table.”
The President, he said, has likewise ordered the liberalization on importation of rice and food supply, including fish as well as chicken, by the private sector.
“By such measure the prices of rice and other food items have started to taper down and the favourable and adequate supply is assured,” Panelo said.
He added that Mr. Duterte “has also ordered the formation of composite teams of DA, DTI, farmers group and law enforcements to prevent the possible diversion of rice and other food imports from the ports to the warehouses.”
Subsidies for oil and gasoline purchases by transport sector, he also said, are likewise expected to moderate transport fare.”
“All told the monetary and non-monetary measures undertaken are producing the desired effects,” he said.
“Together with the Filipino people, we look forward to seeing the results of this decisive action by our Chief Executive. We are confident that a disinflationary trend, as per our economic mangers, is about to begin and be felt by our countrymen this month,” he added. /kga
