Palace confident inflation to ease further
Malacañang welcomed on Friday the 3.3 percent inflation rate in March, lowest since January 2018.
In a statement, Presidential Spokesperson Salvador Panelo expressed confidence inflation would continue declining as the government would not be complacent in the wake of El Niño phenomenon.
"The Palace is pleased with the continuous deceleration of the inflation rate, which stands at 3.3 percent in March 2019," he said.
He said the administration’s resolve to cushion the impact of inflation has resulted in its downward path for five straight months.
"We are confident that this slide would continue further for the rest of the year as President Rodrigo Roa Duterte’s signing of Republic Act No. 11203 (Rice Tariffication Act) last February is expected to further ease inflation," Panelo said.
He said economic managers expect rice prices to go down and even cut inflation by 0.5 to 0.7 percentage point this year.
Panelo, however, acknowledged the possible effect of dry spell on food prices.
"The government, however, would not be complacent and has been vigilant in keeping a close watch on the prices of goods and commodities with the onslaught of El Nino, which may hamper food production," he said.
But he said the Department of Agriculture has distributed water pumps and shallow tube wells as part of its pre-El Nino action.
He said the government is also ready to conduct cloud seeding, if necessary.
"The Palace calls on everyone to participate in water preservation not only in agriculture but also in our daily consumption to increase our resiliency against this extreme weather phenomenon," Panelo said. Celerina Monte/DMS
