Palace: High Inflation ‘now a thing of the past’

MANILA, Philippines — Malacañang is “pleased” with the 2.7 percent inflation rate in the country as it touted the measures the administration has implemented to tame the soaring prices of goods.

“We are very pleased with the inflation rate because we have slayed the soaring inflation rate. It’s now a thing of the past,” Presidential Spokesperson Salvador Panelo told reporters in Malacañang.

“We credit the economic managers for doing their jobs splendidly well, and we also credit the lawmakers of the past Congress for passing the law that stopped it,” he added, citing the government’s tax reform laws.

Despite being blamed for the high prices of goods, the Tax Reform for Acceleration and Inclusion (TRAIN) law should be credited for easing inflation, according to Panelo.

The Philippine Statistics Authority (PSA) announced Friday that last month’s headline inflation rate was the lowest since the 2.6 percent posted in August 2017.

READ: Inflation eases to 22-month low of 2.7% in June

Panelo has a message to the critics of the government.

“You, the critics, will always find fault. We are used to that. Their wishful thinking is the inflation rate goes up, but sorry to disappoint them,” he said, adding that “the target of the economic managers have been reached.” (Editor: Eden Estopace)