President Ferdinand Marcos, Jr. vowed to fortify government initiatives to maintain the nation’s economic growth trajectory following the slow inflation rate in January 2024.
“We are pleased to announce a significant slowdown on inflation for January 2024, reaching its lowest point since October 2022, at 2.8 percent,” President Marcos said in a statement.
The Philippines Statistics Authority on Tuesday reported January’s inflation rate has slowed down to 2.8 percent following a downward trend since October last year.
It was the slowest inflation rate recorded in the last three years since October 2020 logged in at 2.3 percent.
The President attributed the inflation slowdown to the decrease in food inflation, which saw a drop to 3.3 percent from the preceding month, and to the proactive measures adopted by the government, including the enactment of the National Adaptation Plan and the reactivation of Task Force El Niño.
“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,” President Marcos 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.
President Marcos implored the public to unite with the government in surmounting economic obstacles and constructing a brighter future for all within the framework of a ‘Bagong Pilipinas’ (New Philippines).