Manila: Despite the continued easing in inflation, the Marcos administration will continue to closely monitor commodity prices and implement measures to mitigate inflationary pressures, the Department of Economy, Planning, and Development (DEPDev) said Tuesday.
According to Philippines News Agency, DEPDev made the statement after the Philippine Statistics Authority (PSA) reported that inflation eased further to 1.4 percent in April, the lowest since November 2019.
A key driver of the decline was food inflation, which dropped significantly to 0.7 percent in April from 2.3 percent in March. Rice prices continued their downward trend, marking the tenth consecutive month of month-on-month decline, attributed to lower local farmgate prices and reduced landed cost of imported rice.
'The sustained slowdown in inflation, driven largely by the significant decline in food prices, is a positive sign that our policy interventions are working. We will continue to implement strategies to vigilantly monitor price shocks and proactively temper inflationary pressures,' said Rosemarie Edillon, the DEPDev undersecretary for planning and policy group.
The Department of Agriculture (DA) is closely monitoring agricultural production and market prices, particularly for high-value crops, such as vegetables, which are vulnerable to the ongoing extreme heat and are primarily sourced from northern regions. The DA has also reconstituted the Inter-Agency Livestock Data Analytics Group to support data-driven decision-making in the meat and poultry sectors.
DEPDev said a memorandum of understanding was also signed with the Philippine Postal Corp. to expand the Kadiwa ng Pangulo program nationwide by enabling PHLPost offices to host Kadiwa stores. 'We must continue to push for decisive coordination to ensure price stability, especially for essential commodities. Our goal is not only to reduce inflation but to ensure that its benefits are felt by every Filipino household - through lower food costs and improved access to basic goods,' Edillon said.
She likewise highlighted the transition of the National Economic and Development Authority into the DEPDev, which she said strengthens the government's capacity for strategic foresight and policy coherence. 'With the expanded mandate, DEPDev is now better positioned to unify and align the country's socioeconomic goals. We are committed to developing forward-looking, strategic policies that promote sustainable and inclusive economic growth, generate quality jobs, manage inflation, and protect the purchasing power of Filipinos,' Edillon added.
