MANILA – The government will continue to ramp up efforts to make the basic commodities "more affordable" for Filipinos, President Ferdinand R. Marcos Jr. said on Tuesday.
Marcos made the commitment, as he attributed the continued decline in inflation rate to the effective implementation of government economic strategies.
"Unti-unti nating nakakamtan ang kaginhawaang ito sa pagbaba ng inflation rate sa apat na sunod-sunod na buwan at ngayong Mayo ay nasa 6.1 percent na (We are gradually experiencing relief, with the inflation rate dropping for four consecutive months. And this May, [inflation] is at 6.1 percent)," he said in a Twitter post.
"Batid namin ang inyong hangarin na magkaroon ng mas maginhawang pamumuhay, kaya't patuloy nating pinalalakas ang mga pang-ekonomiyang hakbang ng pamahalaan (We are aware of your desire to have a more comfortable life, so we continue to strengthen the government's economic measures)," he added.
Headline inflation clocked in at 6.1 percent in May, down from 6.6 percent posted in April, according to the latest data from the Philippine Statistics Authority (PSA).
Marcos expressed confidence that his administration is on the right track to manage the prices of goods in the country.
"Tanda ito ng patuloy nating pagtahak sa tamang direksyon para sa mas abot-kayang presyo ng mga bilihin (This is a sign that we are heading in the right direction to provide more affordable prices of goods)," he said.
The latest inflation rate was discussed in a meeting convened by Marcos at Malacañan Palace in Manila on Tuesday morning, Trade Secretary Alfredo Pascual said in a Palace press briefing.
Pascual said the government intends to remove the bottlenecks to further tame inflation.
Budget Secretary Amenah Pangandaman, in a separate statement, said the Marcos administration would continue implementing economic strategies to keep the inflation rate well within the target.
Marcos on May 26 signed Executive Order (EO) 28, creating the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) to improve the coordination and action of government agencies in managing inflation and mitigating the effects of rising commodity prices on the Filipino people. (PNA)