In a separate statement, Finance Secretary Ralph Recto said the slowdown “reinforces the government’s determination to ensure that this welcome relief continues to be felt by every Filipino household.”
The government continues to implement a “whole-of-government approach” to maintain price stability and ensure the availability of affordable food in the local market, as well as address potential non-food inflation drivers, he said.
“To help mitigate the impact of high power rates on consumers, the government has implemented price caps, phased recovery plans, and regulatory reforms to ensure affordability and system reliability,” Recto said.
“The government likewise continues to support initiatives mitigating elevated energy prices, encouraging renewable energy, and promoting cost-effective sources of energy,” he added.
