Prevailing prices of canned goods such as corned beef and beef loaf went down for the week of April 9 to 13 compared to the previous month. Construction materials such as steel wires and bars also experienced a price decrease, as did major staples such as chicken, cabbage, okra, and brown sugar. (Please see matrix of price decreases below.)
“It’s been said that inflation is all but inevitable, and we do acknowledge the common Filipino’s concern over the prices of commodities,” Trade and Industry Secretary Gregory Domingo said. “But the truth is that inflation in the Philippines has been the lowest in two and a half years. As of last March, we’re at 2.6 percent; we’re actually well on pace to beat our targets,” he added. The target inflation rate released by the Bangko Sentral ng Pilipinas stands at three to five percent for 2012.
A statement by Presidential Spokesperson Edwin Lacierda has cited the Philippines’ inflation rate as among the lowest in Southeast Asia, second only to Malaysia. The world’s highest inflation rate, as of February 2012, stood at 24.6 (Venezuela). The Philippine inflation rate in February, which stood at 2.7, was equal to that of the United States and Denmark, and comparable to that of Canada (2.6) and the Netherlands (2.5).
He added that the country’s sound macro-economic fundamentals have so far been able to keep prices relatively stable, and that the Philippines has “stood its ground” economically, despite increased uncertainty in the global markets.
The Secretary also cited the reforms being laid out by the administration as key to the long-term stability of the country. “I think it’s clear by now that good governance has a causal relationship with good economics,” he said. The Aquino administration has maintained that its programs on transparency and accountability in government will ultimately lead to jobs and livelihood opportunities by attracting more investments to the country.
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