Palace credits Duterte’s ‘political will’ for lowest inflation since 2017

Presidential Spokesperson Salvador Panelo. FILE PHOTO

MANILA, Philippines — Malacañang has attributed the 2.4% inflation in July to President Rodrigo Duterte’s “strong political will.”

Presidential spokesperson Salvador Panelo said in a statement on Tuesday that “the Palace welcomes this positive development” as last month’s recorded inflation was the lowest since January 2017.

READ: Inflation eased to 2-year low of 2.4% in July

Panelo said that “the main drivers in the downtrend of inflation in July 2019 are food and non-alcoholic beverages; housing, water, electricity, gas, and other fuels; and transport.”

“This is indicative of the hard work and strong political will of the President and our economic managers in reining in on the soaring prices of basic goods and services,” he noted.

“We are confident that disinflation will continue as we remain on guard in monitoring the prices of basic goods and commodities,” he added.

Panelo also assured consumers that the Duterte administration “will continue to work tirelessly in implementing macroeconomic policies, which will have a positive impact that can be felt by our nation.” /kga