Thursday, November 8, 2018

Panelo: Pangilinan milking inflation issue, assures PH economy improving





Presidential Spokesman Salvador Panelo and Sen. Kiko Pangilinan / compiled photo from Google


Manila, Philippines – Malacañang on Thursday said that Senator Francis “Kiko” Pangilinan is taking advantage of the of the inflation and accused the government of having no concrete action to address the increasing prices of goods.

Presidential Spokesperson Salvador Panelo in a statement also assured the public that the country’s economy is now improving.


Panelo lamented on Pangilinan’s claim and said that he is just lobbying on the inflation issue.

“We find it unfortunate that Senator Francis Pangilinan is still milking the issue of inflation considering prices have gone down,” he said.

“His claim that the government has not done any concrete action to address the increasing prices of goods is out of touch with reality and is certainly another form of politicking to discredit the Administration,” Panelo added.

Further, the spokesman also stressed that government economists are not bothered of the 6.7-percent inflation rate in October as it has already plateaued.

“We are looking forward that it would further ease in the coming months as a result of the steps directly taken by the Executive Branch to address the rising prices of goods,” Panelo said

“We guarantee that this administration is 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,” he added.

Economy situation improving

Panelo also cited during the media briefing on Thursday, the government’s economic managers assured that the country’s economy is now improving after two months of experiencing a high inflation rate.*

“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,” he said.

“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 start to come down,” Panelo added

GDP

Panelo, on the other hand, did not give comment about the Philippine Statistics Authority’s report that the country’s gross domestic product (GDP) slowed down to 6.1 percent during the third quarter of this year.

“Apparently, the economic managers they have not made any statement regarding that. I’d rather let the economic managers make a statement on that aspect,” the spokesman said

The slowed GDP came amid the country’s high inflation rate in October.


Previous GDP report covering Q4 2015-2016 up to Q4 2016-2017