MANILA, Philippines – Malacañang hailed as a “positive development” the 3.8 percent inflation in February, which is within the 2 to 4 percent target of the government.
READ: Inflation further slows to 3.8% in February
“The Palace welcomes this positive development as proof that the macroeconomic policies of the Duterte Administration have been effective in addressing soaring prices,” Presidential Spokesperson Salvador Panelo said in a statement.
“We expect further improvement and disinflation as we continue to remain vigilant in monitoring the prices of basic goods used by ordinary Filipino consumers,” Panelo added.
Inflation rate was at a nine-year high at 6.7 percent in September and October 2018.
Various groups have blamed the government’s Tax Reform for Acceleration and Inclusion (TRAIN) law for the country’s high inflation but the government’s economists have blamed high prices of imported crude oil and rice for the soaring prices of prime commodities.
President Rodrigo Duterte had earlier issued Administrative Order No. 13, “which streamlined procedures on the importation of agricultural products such as rice” and Memorandum Order Nos. 26, 27, and 28, “which helped stabilize the prices of agriculture and fishery products at reasonable levels and maintained their sufficient supply in our markets.” /muf