Palace attributes August inflation to gradual reopening of economy

Malacañang on Friday welcomed the country’s inflation recorded for the month of August, which dipped slightly to 2.4% from 2.7% the month before.

Calling it a “positive development,” presidential spokesperson Harry Roque said they attributed the lower inflation to the “gradual reopening of the economy, where we see a decrease in food prices.”

“Keeping the prices of basic commodities stable in this period of global health crisis and economic uncertainty remains our topmost priority. This is in line with the vow of President Rodrigo Duterte that no Filipino gets hungry amid the COVID-19 pandemic,” he said.

Roque said the government will continue to monitor prices of basic goods and make sure there is unhampered flow in the movement and delivery of essential commodities to other places, notwithstanding the COVID-19 restrictions imposed in some areas.

Programs to boost agricultural production in the long term will also be implemented, he added.

Acting Socioeconomic Planning Secretary Karl Kendrick Chua suggested that the government and the private sector tap local agricultural produce and maximize the use of digital technologies to ensure stability in the supply chain.

He also underscored the need to effectively manage the supply and allocation of agricultural commodities to ensure enough buffer stock, prevent wastage and spoilage, and minimize the losses of farmers.

“Investments in cold storage facilities and innovations in food packaging and processing need to be increased as well, alongside the boosting of agricultural production, both in rural and urban areas, through the government’s Plant, Plant, Plant program,” Chua said. -- BAP, GMA News