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Marcos: PH government committed to addressing economic challenges

marcos ph government committed to addressing economic challenges

MANILA, PHILIPPINES – The government is committed to addressing economic challenges to sustain the country’s growth momentum, President Ferdinand R. Marcos Jr. said on Tuesday, February 6.

This statement was released when he welcomed the further drop in commodity prices.

The most recent Philippine Statistics Authority (PSA) report, which revealed that headline inflation further decreased to 2.78 percent in January 2024, the lowest level since the 2.3 percent recorded in October 2020, was warmly received by Marcos in a statement.

“We are pleased to announce a significant slowdown on inflation for January 2024,” he said.

“We remain committed to easing the burden on our citizens, as evidenced by the recent electricity bill discounts for low-income households,” he added.

The inflation rate for January 2024 is less than the 8.7% recorded in January 2023 and the 3.9 percent reported in December 2023.

The President ascribed the deceleration in inflation to the 3.3 percent drop in food inflation, as opposed to the 5.5 percent drop in the preceding month.

He asserted that the government’s proactive actions, such as the National Adaptation Plan’s implementation and Task Force El Niño’s reactivation, were also responsible for the declining trend.

“Additionally, strategic partnerships with countries like Vietnam for rice supply to allow further imports of key food commodities are crucial steps towards ensuring sustained progress,” Marcos said to the public.

The newest inflation rate, according to Budget Secretary Amenah Pangandaman in a separate statement, shows that the government’s economic strategies are successful in spite of global challenges and climate change.

Despite all the difficulties, President Marcos called on the people to work with the government to overcome economic obstacles and create a better future for all Filipinos under the banner of “Bagong Pilipinas.”

Sources: (1),(2)

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