Statement of Trade and Industry Secretary Fred Pascual on the PSA report on the December 2023 inflation rate
The decline in the Philippines’ inflation rate from 4.1% in November 2023 to 3.9% in December 2023, as the Philippine Statistics Authority recently reported, marks the lowest recorded rate for the year and highlights the effectiveness of our current administration’s economic recovery initiatives. This downward trend indicates our steadfast commitment to fostering a conducive business environment and advancing globally competitive industries.
This trend translates into increased purchasing power for our consumers, enabling them to contribute more actively to our economy. For our industry partners, it signifies a more predictable and stable environment for investment and growth, crucial for long-term economic sustainability.
Looking ahead, our goal is to ensure a matatag, maginhawa at panatag na buhay para sa lahat – a stable, comfortable, and peaceful life for all Filipinos. This vision is at the heart of our policies and actions. Our continued whole-of-government approach, encompassing inter-agency collaboration and comprehensive, inclusive policy-making, is crucial in realizing these aspirations. We are committed to maintaining this momentum, aligning our economic goals with international standards to secure the Philippines’ position as a thriving, competitive player in the global economic arena. ♦️
Date of Release: 6 January 2023
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