Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman applauded the progress of the country's economy, expressing confidence that the continuous decrease of the inflation rate will be sustained.

The Philippine Statistics Authority announced on Friday, August 4, that inflation further dropped to 4.7% in July, down from 5.4% in June. This represents the sixth straight month of declining rates since hitting an 8.7% peak in January.

"We interpret this as a highly encouraging development. Our economic team is anticipating a sustained decline in our national inflation rate. We assure our fellow citizens, that we remain unwavering in executing strategies to maintain the inflation rate well within our target range," stated Secretary Pangandaman.

The Budget Secretary also complimented the effectiveness of the current administration's economic strategies, led by President Ferdinand R. Marcos, Jr.

"The accomplishments we are witnessing attest to the fact that the economic tactics of President Bongbong Marcos' administration are rightly devised. Our whole-of-government approach is indeed demonstrating efficacy," added Secretary Pangandaman.

The reduction in the July inflation rate is mainly attributable to lower prices in housing, water, electricity, gas, and other fuels (down to 4.5% in July from 5.6% in June), food and non-alcoholic beverages (from 6.7% in June to 6.3% in July) and transportation (from -3.1% in June to -4.7% in July).

President Ferdinand R. Marcos, Jr. signed on May 26, 2023, Executive Order No. 28, creating the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), which enhances the coordination and action of government agencies in managing inflation and mitigating the effects of rising commodity prices to the Filipino people.

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