The Philippine Statistics Authority attributed the downward trend of inflation to the lowered price of rice as an effect of the Rice Tariffication Law.
MANILA-- Due credit goes to the country's economic managers as well as the lawmakers of the last Congress, Malacañang said Friday after the inflation eases to a 22-month low of 2.7 percent in June.
"Soaring inflation has been slain. It is now a thing of the past. The Palace is pleased with inflation easing to 2.7 percent in June 2019, considered the lowest rate recorded by local statisticians since September 2017," Presidential Spokesperson Salvador Panelo said in a statement.
The Philippine Statistics Authority attributed the downward trend of inflation to the lowered price of rice as an effect of the Rice Tariffication Law, signed by the President early this year, and the continuous decrease in prices of petroleum and gasoline, as well as other basic commodities.
"Due credit must be given to our country's economic managers for this positive development," Panelo said.
The official also gave credit to lawmakers of the 17th Congress for supporting President’s legislative agenda by passing Republic Act No. 11203 or the Rice Tariffication Law.
"We are grateful for our people's patience and trust while surging inflation is being decisively addressed by this administration," he said.
Meanwhile, he assured the public that the government will continue its efforts in stabilizing and maintaining the prices of basic goods and services as it "endeavor to improve the day-to-day living of the Filipino people." (PNA)
