On inflation hitting 6.4% in August: ‘There is no reason to panic’ — Government

The Philippine government cautions the public that there is no reason to panic despite the inflation hitting a nine-year high of 6.4 percent in August 2018.

Presidential Spokesperson Secretary harry Roque said: “We are now working double-time to aid families affected by high prices while keeping the economy stable.”

“This 6.4 is not unprecedented in our history. We have inflation rates of 7 percent. During President Gloria Macapagal-Arroyo’s time it was double digit and in GMA time it was only what? Eight years ago? So it’s not a reason to be – to have any sort of panic,” Sec. Roque said.

Roque assured that anti-inflationary measures are now in place to counter its impact, including such social grants as the Conditional Cash Transfer (CCT), Unconditional Cash Transfer, and additional rice imports.

“We are addressing it but the results of the anti-inflationary measures that government is doing cannot be achieved overnight,” Sec. Roque said.