4.4% inflation rate in January a ‘positive development’ — Gatchalian

Sen. Sherwin Gatchalian. INQUIRER.NET PHOTO/CATHY MIRANDA

MANILA, Philippines — Senator Sherwin Gatchalian described as a “positive development” the country’s inflation rate which slowed down at 4.4 percent in the first month of 2019.

“It is definitely a positive development that the inflation rate in January was actually lower than the analysts’ median forecast and our own forecast of 4.5 percent, despite the implementation of the second tranche of the excise tax on fuel last month,” Gatchalian said in a statement on Tuesday.

“Yung mas mababang inflation rate natin ay bunga ng mas mababang presyo ng langis sa global market na nagtranslate naman sa mas mababang presyo ng pagkain. Nakatulong din ang paglakas ng piso laban sa dolyar noong nakaraang buwan,” he added.

READ: Inflation slowed to 4.4%, but food prices up in NCR in January

The 4.4 percent inflation rate in January of this year is slower than the 5.1 percent registered last December 2018, but still faster than the 4.0 recorded in January 2018.

READ: Inflation slows to 5.1% in December, but 2018 average of 5.2% hit 10-year high

While Gatchalian welcomed the steady decline of the inflation rate, he nevertheless urged the government to “fully implement”mitigating social measures in 2019 such as the Unconditional Cash Transfer (UCT) Program and the Pantawid Pasada Program.

Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, UCT is the tax subsidy offered to help 10 million poor Filipino families who are affected by the adjustments in excise tax of petroleum products while the Pantawid Pasada program is aimed at assisting jeepney operators and drivers cope with the soaring fuel prices. /je