The continuing decline of the inflation rate of the country is an “encouraging” news for the Philippine economy, President Ferdinand R. Marcos Jr. said on Tuesday.
In a video message, the President said this piece of news is very welcome as it is coupled with the improving employment rate in the country.
“Today we received encouraging news that our inflation rate has now gone down – our headline inflation rate has gone down from 6.6 percent to 6.1 percent, and our employment figures are also improving,” the chief executive noted.
“And so, it would seem that we have started off in the right direction, on the right foot. Tama naman yata ang ating ginawang mga polisiya para buhayin ulit at gawing masigla ulit ang ating ekonomiya,” the President added.
News reports said the Philippine Statistics Authority (PSA) announced that the country’s inflation rate went down to 6.1 percent in May, the fourth consecutive month of deceleration.
The PSA added that both transportation and food costs drove the inflation slowdown, giving some relief to indigent Filipinos.
“Sa ngayon, ‘yung growth rate natin ay maganda pa rin at siguro isa na sa pinakamaganda sa buong mundo ang ating growth rate. So lumalaki nang lumalaki at sumisigla ang ating ekonomiya,” the President said.
“Kaya’t mukhang tama ang ating ginagawa. Ipagpatuloy natin ang ginagawa natin para naman makita natin na bumalik tayo sa magandang sitwasyon ulit,” he pointed out.
Aside from fully opening up the industries and businesses, the Marcos administration has also been aggressively promoting the use of modern technology to push forward the digital transformation of the country.
It is coupled with the passage of relevant legislations such as the Republic Act 11032, or the Ease of Doing Business Act, which entices entrepreneurs to open up their businesses in the Philippines by facilitating business and non-business transactions including the issuances of permits and licenses.
The law also holds government officials accountable for any graft and corruption and irregularities while dealing with entrepreneurs who want to invest in the country.
Under the law, for simple transactions, the processing period should be within three days while for complex transactions, processing must be within seven days. For highly technical transactions, the processing should be complete within 20 days. #
