Malacanang says Aquino government implementing measures to contain inflation

January 23, 2012 10:43 pm 

MANILA, Jan. 23 – The Aquino government started implementing measures to contain inflation amid global economic slowdown, a Malacanang official said on Monday.

During the regular Palace press briefing on Monday, Presidential Spokesperson Edwin Lacierda issued the statement following the forecast of the Bangko Sentral ng Pilipinas (BSP) that the inflation will be "well-contained until 2013."

"Well, our concern should always be high inflation as it would mean higher prices and all those consequent factors. What the economic managers have so far done is to contain it and, in fact, Bangko Sentral has agreed that the inflation rate would be kept and it would be contained," Lacierda said.

Pressures on global commodity prices are seen to continue to abate amid weaker global growth prospects, according to news reports. Due to these developments, the Philippine economy is likely to face external headwinds in 2012.

Lacierda, however, said the Aquino administration remains optimistic that the inflation outlook will remain within the target range.

"And so we believe that we would be able to weather whatever storms that would be coming as long as we manage the economy properly," Lacierda said.

Although the BSP sees a manageable inflation outlook, it remains watchful of the impact of developments in Europe on investor sentiment and global aggregate demand. (PNA) scs/PCOO/js/utb

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