President Ferdinand R. Marcos Jr. expressed elation Friday as the country’s inflation rate settled to its lowest level in 2023 last December, vowing to work hard to further improve the economy and enhance food production.
The Philippine Statistics Authority (PSA) reported that inflation for December 2023 further slowed down to 3.9 percent from 4.1 percent in November 2023, bringing the full-year average inflation rate to 6.0 percent.
Inflation for most commodity groups either slowed down or retained their previous rates during the month.
“Natutuwa akong ibalita na bumaba pa ang inflation rate sa bansa noong Disyembre 2023 sa 3.9 percent—ang pinakamababa noong nakaraang taon, mula sa 4.1 percent para sa Nobyembre 2023,” President Marcos said in a social media posting.
“Patuloy ang pagsusumikap ng pamahalaan para pagandahin ang kalagayan ng ating ekonomiya. Para sa bagong taon, lalo nating palalakasin ang mga programa para sa agrikultura, at tututukan ang mga hakbang upang mapanatiling abot-kaya ang presyo ng pagkain at iba pang pangunahing bilihin,” he said.
In a statement, the National Economic and Development Authority (NEDA) assured the public that the government is continuously monitoring prices and inflation risks and implementing measures to protect the purchasing power of Filipino households.
Socioeconomic Planning Secretary Arsenio M. Balisacan emphasized the importance of Executive Order No. 50, which extended the Most Favored Nation (MFN) reduced tariff rates for key agricultural commodities like pork, corn, and rice to ensure sufficient food supply for Filipinos and prevent spikes in prices of these commodities.
Balisacan, who heads NEDA, said that in the midst of an uptrend in international rice prices and the expected negative impact of the El Niño phenomenon, the Interagency Committee on Inflation and Market Outlook will closely monitor the situation and propose further temporary tariff adjustments if necessary.
The agency will also push for trade facilitation measures to reduce other non-tariff barriers.
While our medium-term objective to boost agricultural productivity remains, it is important to augment domestic supply to ease inflationary pressures on consumers, particularly those in low-income households, Balisacan said.
And with the threat of higher inflation as a result of El Nino, the NEDA chief underscored the need to hasten the full implementation of the El Niño National Action Plan (NAP), which seeks to increase the resilience of communities against the dry spell and guide government agencies in mitigating its immediate effects.
The government must also remain vigilant in monitoring the prices of commodities and continue to implement strategies to address short-term and long-term inflation-related challenges, Balisacan stressed.
These strategies include implementing timely deployment of trade policy tools along with sustained investments in irrigation, flood control, supply chain logistics, and climate change adaptation, he added. PND
