Malacañang has reassured the public that the country’s economy was improving after two months of experiencing a high inflation rate.
In an interview, Palace spokesman Salvador Panelo said President Rodrigo Duterte’s economic managers were not worried with the 6.7 percent October inflation rate because it has already “protruded.”
“As explained by the Department of Finance and our other economic managers, the situation is improving. The inflation rate has protruded and there is no other way but down,” Panelo added.
“Given the fact that the government has undertaken measures to neutralize inflation rate, like flooding our country with food supplies, rice and others. And if you have noticed, prices have started to come down,” he said.
The Duterte administration, according to the Palace official, was “not taking the issue of rising prices sitting down.”
“We are doing all we can to make sure that there is food in every Filipino family’s table,” Panelo said.
On September 21, Duterte signed an administrative order and three memoranda to tame the soaring prices of goods and basic commodities.
Administrative Order 13 aims to streamline procedures on importation of agricultural products, while Memorandum Orders 26, 27 and 28 seek to stabilize prices of basic agricultural commodities at reasonable levels and maintain their sufficient supply in the domestic market.