Low inflation rate to bring Filipinos ‘nice Christmas’-Diokno

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said Filipinos could expect a “nice Christmas” given the low inflation rate and oil prices.

“And on prices naman, sinuswerte pa rin tayo (we’re lucky), mababa pa rin ang (still low) long-term forecast of oil prices, sinuswerte tayo all the way. So we’ll have a nice Christmas,” said Diokno.

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Low inflation rate to bring Filipinos 'nice Christmas'
BSP Governor Benjamin Diokno says low inflation rate will bring Filipinos ‘nice Christmas’. (Image from La Croix International)

The inflation rate in October 2018 fell at 0.8 percent, way lower than 6.7 percent in the same month in 2019.

Rice tariffication suspension no effect in inflation

BSP Governor Benjamin Diokno said President Rodrigo Duterte’s suspension of rice importation has no impact on inflation.

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In a media interview on Wednesday, Diokno said many imports are yet to come, and due to harvest time, the price of rice may still decline.

“Hindi naman makakaapekto kasi maraming imports na darating pa lang eh, tapos concern nga is harvest season, baka lalong bumaba yung presyo,” said Diokno.

(It doesn’t matter because many imports are just coming, another concern is the harvest season, the price may drop further.)

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There is no reason the government can stop rice tariffication because it is already a law.

Duterte says Philippines not ‘rice sufficient,’ rice tariffication law remains

President Rodrigo Duterte said last week that he was not ready to get rid of the rice tariffication law since the Philippines “cannot be rice sufficient.”

Duterte remained firm despite farmers’ cries over falling prices of palay, which dropped to as low as P15.94, the lowest in the last eight years.

The President said the bigger problem is if the country would have a “food crisis” if there would no enough supply of rice.

However, Duterte has ordered Agriculture Secretary William Dar to suspend rice importation on Tuesday night to help local farmers and since it was harvest time.