inflation – Page 3 – Author Carlo Carrasco

Tourism registers 8.9% share of 2024 Philippine gross domestic product

June 23, 2025June 20, 2025carlocarrasco

The tourism of the industry of the Philippines accounted for a share of 8.9% of the nation’s gross domestic product (GDP) for the year 2024, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface…

THE SHARE of the tourism industry in the Philippine economy rose to a five-year high of 8.9% in 2024, the Philippine Statistics Authority (PSA) said on Thursday.

Tourism direct gross value added (TDGVA) — an indicator of the economic contribution from tourism-related activities — jumped by 11.2% year on year to P2.35 trillion last year, preliminary data from the PSA showed.

However, TDGVA growth was slower than the 49.9% surge logged in 2023 and the slowest annual growth since the 10.3% expansion in 2020.

Despite the slower growth, the share of TDGVA to the economy rose to 8.9% in 2024, the highest share since the 12.9% recorded in 2019.

By industry, country-specific tourism characteristics goods – shopping accounted for 21.8% of the total with P512.68 billion. It was followed by miscellaneous services (20.2% share or P476.23 billion) and accommodation services for visitors (18.4% share or P432.9 billion).

Domestic tourism expenditure, which includes resident visitors’ spending within the country on a domestic trip or as part of an international trip, grew by 16.4% to P3.16 trillion last year.

Outbound tourism spending reached P345.68 billion in 2024, rising by 37.5% from P251.35 billion in 2023.

Inbound tourism expenditure, meanwhile, inched up by 0.4% annually to P699.99 billion. Total employment in the tourism sector grew by 6.1% to 6.75 million in 2024. Tourism accounted for 13.8% of the total jobs in the country in 2024.

The majority of the tourism-related jobs were centered on miscellaneous activities. The health and wellness sector employed 1.83 million, accounting for a 27.1% share.

The accommodation and food and beverage sector had 1.69 million workers (25% share), while passenger transport had 1.67 million workers (24.7%).

Reinielle Matt M. Erece, an economist at Oikonomiya Advisory and Research, Inc. said easing inflation helped boost tourism spending last year.

“Lower inflation relative to 2023 and better economic conditions in the country may have encouraged tourists due to better prices,” he said in an e-mail. Inflation averaged 3.2% in 2024, cooling from the 15-year high of 6% in 2023.

Last year, the Department of Tourism recorded 5.95 million visitor arrivals, falling short of its 7.7 million target.

“While Philippine tourism has made substantial progress — particularly in revenue generation — it hasn’t achieved full recovery in terms of visitor numbers, and the pace of recovery appears to be slowing in early 2025,” Leonardo A. Lanzona, Jr., an economics professor in Ateneo de Manila University, said in an e-mail.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think Philippine tourism will end up being weaker as an economic sector this year? Do you think the weakening Philippine Peso will convince foreigners to visit the Philippines very soon?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines inflation rate settles at 1.3% in May 2025, the lowest since November 2019

June 10, 2025June 5, 2025carlocarrasco

Once again, inflation in the Philippines went down as the Philippine Statistics Authority (PSA) recently confirmed that the headline inflation landed at 1.3% for the month of May 2025, according to a news article by Philippine News Agency (PNA). The said inflation result is the lowest since November of 2019.

To put things in perspective, posted below is an excerpt from the news article of PNA. Some parts in boldface…

Headline inflation further slowed to 1.3 percent in May this year from 1.4 percent in April, the lowest recorded since the 1.2 percent in November 2019, the Philippine Statistics Authority (PSA) said Thursday.

In a briefing, National Statistician Dennis Mapa said this brought the year-to-date average inflation to 1.9 percent which is at the lower end of the government’s 2 to 4 percent target range.

Mapa said the downtrend was primarily brought about by the slower increase in the index of housing, water, electricity, gas, and other fuels at 2.3 percent from 2.9 percent in April. Restaurant and accommodation services also recorded a slower inflation of 2 percent from 2.3 percent in April.

Mapa said the faster annual decline was likewise recorded in the transport index, at 2.4 percent in May from 2.1 percent in the previous month. Food inflation meanwhile remained at 0.7 percent. Mapa, however, said rice inflation was at -12.8 percent from -10.9 percent in April.

According to Mapa, the rollout of the PHP20 per kilogram rice program in line with the directives of President Ferdinand R. Marcos Jr., the “Benteng Bigas Meron Na” helped lower rice prices.

In May, the average price of regular milled rice declined to PHP43.19 per kg from PHP51.11 in May 2024. The average price of well-milled rice likewise fell to PHP49.45 per kg from PHP56.06 per kg while special rice also declined to PHP59.80 from last year’s PHP64.41 per kg.

The bottom 30 percent income households experienced zero percent inflation in May 2025, a sharp decline from 5.3 percent in the same month last year.

The National Capital Region also posted a slower inflation rate of 1.7 percent in May, down from 2.4 percent the previous month while other regions maintained a low average inflation rate of 1.2 percent.

More stable cost of living – In a separate statement, the Department of Economy, Planning, and Development (DEPDev) said the continued decline in the country’s headline inflation shows progress toward easing price pressures and achieving a more stable cost of living for Filipinos.

“We are encouraged by this development. It reflects the success of our sustained efforts to protect the purchasing power of Filipinos and ensure a more affordable cost of living,” said DEPDev officer in charge and Undersecretary for Policy and Planning Rosemarie Edillon.

To sustain this downward trend, DEPDev said the Marcos administration is committed to implementing targeted policies aimed at mitigating inflationary pressures and safeguarding the purchasing power of Filipino families.

The Food and Drug Administration (FDA) and the Department of Agriculture (DA) are strengthening their collaboration to ensure the availability of safe and effective animal vaccines amid ongoing African Swine Fever (ASF) and Avian influenza outbreaks.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it is possible for Philippines inflation to fall below 1% by the end of the year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines inflation rate lands at 1.4% in April 2025, the lowest since November 2019

May 8, 2025May 6, 2025carlocarrasco

The Philippine Statistics Authority (PSA) confirmed that the inflation rate of the Philippines fell down more to 1.4% in April 2025 which is the lowest since November 2019, according to a news report by GMA Network.

To put things in perspective, posted below is an excerpt from the report of GMA News. Some parts in boldface…

The Philippines’ inflation rate continued its deceleration streak for the third straight month, remaining below 2% in April, on the back of slower movements of food and transport costs, the Philippine Statistics Authority (PSA) reported on Tuesday.

At a press briefing, PSA chief and National Statistician Claire Dennis Mapa reported that last month’s inflation print —which measures the rate of increase in the prices of consumer goods and services— cooled down further to 1.4% from 1.8% in March.

This was the slowest since November 2019, when inflation clocked in at 1.2%.

April’s inflation rate brought the year-to-date rate to 2%, well within the government’s ceiling of 2% to 4% for the entire 2025.

“Ang pangunahing dahilan ng mas mababang antas ng inflation nitong Abril 2025 kaysa noong Marso 2025 ay ang mas mabagal na pagtaas ng presyo ng Food and Non-Alcoholic Beverages sa antas na 0.9% [from 2.2% in March],” Mapa said.

(The main contributor to the lower inflation rate in April 2025 versus March 2025 was the slower increase in the prices of Food and Non-Alcoholic Beverages with a rate of 0.9%.)

“Ito ay may 82.3% share sa pagbaba ng pangkalahatang inflation sa bansa,” he added.

(This accounted for 82.3% of the decrease in the country’s overall inflation rate.)

The decline in Food and Non-Alcoholic Beverages index was brought by the stronger contraction in cereals, such as rice, to -7.4% from -5.2%.

Also contributing to the overall inflation downtrend was the faster contraction in Transport index at -2.1% from -1.1% month-on-month, accounting for 15.2% to the decline.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation rate of the Philippines could go down even further to as low as 1% soon?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines inflation rate lands at 1.8% in March 2025

April 10, 2025April 4, 2025carlocarrasco

The inflation rate of the Philippines settled at 1.8% for the month of March this year based on the latest details released by the Philippine Statistics Authority (PSA), according to the news article by the Philippine News Agency (PNA). The confirmed inflation rate was the lowest since June 2020.

To put things in perspective, posted below is an excerpt from the report of the PNA news article. Some parts in boldface…

Inflation rate in March 2025 settled at 1.8 percent, marking a nearly five-year low, mainly due to slower price increase in food and non-alcoholic beverages, particularly lower prices of rice.

Philippine Statistics Authority (PSA) Undersecretary Claire Dennis Mapa said in a press briefing Friday that last month’s inflation was lower than the rate in February 2025 at 2.1 percent and the 3.7 percent in March 2024. PSA data showed that the inflation last month was the lowest since June 2020.

The PSA attributed the slower pace of price increases in March 2025 to the easing of food and non-alcoholic beverages inflation at 2.2 percent from 2.6 percent a month ago. Mapa said this commodity group shared 50.2 percent to the downtrend in inflation.

In particular, cereals and cereal products recorded a deflation, or decrease in prices, of 5.2 percent last month from a deflation of 3 percent in February 2025.

This commodity group includes rice, which recorded negative inflation for the past three months: -2.3 percent in January, -8.4 percent in February, and -7.7 percent in March.

Mapa said that since the Executive Order 62 took effect in July 2024, which reduced the tariff on imported rice, prices of the staple have substantially declined.

“Kung i-compare natin noong—say, base natin noong July 2024, kung saan nagsimula ‘yong reduction sa tariff, bumaba na rin substantially ‘yong presyo ng bigas per kilo [If we compare it to—(let’s) say, based on July 2024, when the tariff reduction started, the price of rice per kilogram has substantially decreased],” he said.

Citing PSA data, Mapa said comparing the prices from July 2024 to March 2025, average price reduction for regular milled rice was at PHP4.90, or from PHP51.11 per kilo to PHP46.09 per kilo.

Well milled rice also declined in the same period by PHP4.19 per kg., or from PHP56.44 per kg. to PHP52.25 per kg., and by PHP2.60 per kg. for special rice, or from PHP64.75 per kg. to PHP62.15 per kg., the national statistician added.

Aside from food and non-food beverages, inflation in transport group recorded -1.1 percent in March 2025 from -0.2 percent in February 2025.

Let me end this post by asking you readers: What is your reaction to this recent development? Were you surprised that the inflation rate of the country settled at less than 2% for the month of March 2025? Do you think inflation will remain stable for the next six months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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IRR of Value-Added Tax (VAT) refund for foreign tourists signed

April 1, 2025March 25, 2025carlocarrasco

Recently the Philippines officially became a VAT-free destination for foreign tourists as the implementing rules and regulations (IRR) of Republic Act 12079 (Value-Added Tax Refund for Non-Resident Tourists) has been signed, according to a Philippine News Agency (PNA) news article. It should be noted that the Republic Act was signed into law last December.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Government officials signed on Monday the implementing rules and regulations (IRR) of Republic Act (RA) 12079 or the Value-Added Tax (VAT) Refund for Non-Resident Tourists.

In a statement, the Department of Finance (DOF) said the IRR was signed by Secretary Ralph Recto, Bureau of Customs Commissioner Bienvenido Rubio and Bureau of Internal Revenue Deputy Commissioner Marissa Cabreros.

It was witnessed by Department of Tourism Secretary Christina Garcia-Frasco and Office of the Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go.

RA 12079 aims to boost tourism and encourage more foreign tourists to shop and spend more in the Philippines, thereby bolstering economic growth.

Under the IRR, non-resident tourists or foreign passport holders may apply for a VAT refund for locally purchased goods from accredited stores that are equivalent to at least PHP3,000.

The goods must be physically taken out of the Philippines by the tourist as accompanied baggage within 60 days from the date of purchase.

The VAT refund applies only to retail and tangible goods, such as clothing, apparel, electronics, gadgets, jewelry, accessories, souvenirs, food or non-food consumables, and other goods intended for personal use.

“With a multiplier effect of 1.97, every 100 pesos spent by a tourist generates 197 pesos in economic output. Imagine that. Halos doble ang balik sa ekonomiya (The return to the economy is almost double),” Recto said.

“And more money spent by foreign tourists means more businesses created, more Filipino workers hired, more jobs provided, higher incomes for our people and more revenues for the government to collect. That’s the simple formula for growth,” he added.

Recto cited the importance of effective executive to unlock the law’s full potential.

He said the country must establish a fully functional VAT refund system and a surge in inbound tourism.

“We want more tourists to come — and we want them to stay longer, spend bigger, and transact with convenience,” he said.

Heeding President Ferdinand R. Marcos Jr.’s call, Recto vowed to ensure that the VAT refund process is simple, accessible and culturally inclusive.

“From our end at the Department of Finance, we aim to deliver a VAT refund system that is world-class, modern, and built on the principles of transparency, efficiency and ease,” he said.

The IRR mandates the DOF to engage the services of reputable and internationally recognized VAT refund operators to provide end-to-end solutions to the government. Such refunds may be made electronically or in cash to enhance the ease of doing business.

Let me end this post by asking you readers: What is your reaction to this recent development? Now the IRR of the VAT refund for foreign tourists has officially been signed, do you expect positive impact on Philippine tourism to happen this year? Do you think a lot of tourists overseas have been waiting for the Philippines to establish the VAT refund for foreign tourists?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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BSP says inflation could accelerate in the 2nd half of 2025

March 27, 2025March 18, 2025carlocarrasco

In its monetary report recently released, the Bangko Sentral ng Pilipinas (BSP) stated that inflation could exceed the 2% to 4% target in the 2^nd of half of this year mainly pointing to base effects from easing commodity price pressures, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld report. Some parts in boldface…

THE BANGKO SENTRAL ng Pilipinas (BSP) said inflation could overshoot the 2-4% target range in the second half of this year amid base effects.

In its latest Monetary Policy report, the central bank said annual inflation is likely to settle within the 2-4% target band from this year to 2026 amid declining rice prices.

“However, inflation could exceed the target range in the latter part of 2025, primarily due to base effects from easing commodity price pressures in the corresponding period of 2024,” it said.

“Inflation is then projected to move closer to the midpoint of the target range in 2026, supported by an expected moderation in global commodity prices,” it added.

The BSP’s baseline forecasts for inflation are at 3.5% for 2025 to 2026. Accounting for risks, inflation could reach 3.7% in 2026.

In February, the consumer price index (CPI) sharply slowed to 2.1%, bringing headline inflation to 2.5% in the first two months.

For this year, inflationary pressures could come from “higher global oil and non-oil prices, peso depreciation, and recent above-expectation inflation readings,” the BSP said.

However, inflation could breach the 2-4% target range if crude oil prices rise, it said.

BSP estimates show that if crude oil prices average above $100 per barrel, inflation could hit 4.1% this year and 4.8% next year.

Based on the latest Development Budget Coordination Committee macroeconomic assumptions, Dubai crude oil is seen to range from $60 to $80 per barrel this year.

However, the BSP reiterated that risks to the inflation outlook have remained “broadly balanced.”

“Upside risks include potential increases in electricity rates, transport charges, and pork prices,” it said.

According to the BSP’s risk matrix, there is a high probability for a rise in pork prices and a low probability for elevated transport and electricity costs.

“Conversely, the main downside risk stems from the spillover effects of lower tariffs on imported rice to domestic rice prices.”

Rice inflation further decreased to 4.9% in February from the 2.3% drop in January. This was the lowest rice inflation print since the 5.7% contraction in April 2020.

Rice prices are seen to decline further after the Agriculture department declared a food security emergency on rice, as well as lowered the maximum suggested retail price of 5% broken imported rice.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation in the Philippines will accelerate in the 2^nd half of this year? If you are running a business, how far can you go when it comes to maintaining the current prices of your good and services when inflation kicks in?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Finance Secretary confident with 6% Philippine economic growth this year

March 27, 2025March 19, 2025carlocarrasco

Recently, Finance Secretary Ralph Recto expressed during an interview with Bloomberg TV that the Philippine economy will grow by at least 6% this year and mentioned factors like continued infrastructure spending, low unemployment, the cutting of interest rates and more, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Finance Secretary Ralph Recto said he is confident that Philippine economic growth would hit at least 6 percent this year.

In an interview with Bloomberg TV on Wednesday, Recto said he is banking on more interest rate cuts, infrastructure spending, and election-related spending to boost economic growth.

“We’re pretty confident that we would hit at least a 6 percent growth. The World Bank, the IMF (International Monetary Fund), and many other institutions are saying that we’re on track to 6 percent. Our macroeconomic fundamentals are very good,” said Recto.

“Unemployment is down. The middle class is growing. We’re investing more than 5 percent of GDP (gross domestic product) in infrastructure. We have elections also right now, and during elections, there’s more spending, so we’re pretty confident we hit at the very least 6 percent this year.

He said with inflation settling within the government’s 2 percent to 4 percent target range, the Bangko Sentral ng Pilipinas (BSP) has room to further reduce policy rates, which in turn, would boost consumer spending.

“Equally important, I suppose, is the reduction of interest rates. It would appear that, because inflation has been controlled in the Philippines and the inflation today is something like 2.5 percent, there is room for a rate cut in our next (meeting) so we’re in an easing cycle. It’s a high probability that we could do a rate cut also for in our next meeting,” he said.

The Monetary Board of the BSP has so far cut rates by 75 basis points last year. Recto said he is hoping that the BSP Monetary Board would deliver a 50 to 75 basis point cut this year.

“Hopefully, at the minimum 50 and probably 75 basis points, for the year that will help propel growth, consumption, and investments moving forward,” he said, adding that the rate cuts would boost economic growth by at least half a percent.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will grow by at least 6% by the end of this year? Do you think Recto’s interview will convince foreign investors to invest in the Philippines this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Economist says election-related spending won’t add much to nation’s economic growth this time

March 18, 2025March 18, 2025carlocarrasco

As far as one economist is concerned, spending related to this year’s national and local elections (scheduled for May 12, 2025) will not add much to the nation’s economic growth this year, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

Elections and related spending no longer provide the same economic boost as they once did. As a result, an economist at Ateneo de Manila University expects the Philippine economy to grow below goal this year, despite the upcoming midterm elections in May.

Luis Dumlao, associate professor and senior research fellow at the university’s economic research arm, Ateneo Eagle Watch, forecasted that there won’t be any “extraordinary GDP [gross domestic product] spike” due to election-related activities during the first half of this year.

During Ateneo Eagle Watch’s 2025 economic briefing last Thursday, March 6, Dumlao projected that annual GDP growth could potentially accelerate from 5.6 percent in 2024 to 5.9 percent in 2025.

If Dumlao’s forecast proves accurate, it would mark the third consecutive year that economic growth falls short of the government’s target, following a peak of 7.6 percent in 2022—the year of the last presidential election, which President Ferdinand Marcos Jr. won.

The Marcos administration targets growth of six to eight percent for 2025.

In the past, elections—even midterm polls—bolstered the economy. GDP grew by 6.1 percent in 2019 and 6.8 percent in 2013 due to midterm election-related spending.

In 2016, when former President Rodrigo Duterte won the presidency, economic growth reached 7.1 percent. Back in 2010, when former President Benigno Aquino III was voted to the top position in the land, GDP expanded by 7.3 percent.

Despite his below-expectations GDP growth estimate for this year, Dumlao also projected that annual inflation would average 2.4 percent, falling within the Bangko Sentral ng Pilipinas’ (BSP) two- to four-percent target range for manageable price increases.

His headline inflation forecast for 2025 is lower than the 3.2 percent in 2024. As of end-February, inflation averaged 2.5 percent, mainly due to rice deflation or declining prices of the Filipino food staple.

With the election campaign season rolling in, Dumlao noted that the practice of politicians giving away dole-outs or “ayuda” may no longer be as feasible.

While such spending was effective as a band-aid solution during the Covid-19 pandemic, when there was a greater need for financial support to sectors badly hit by the health and socioeconomic crises it wrought, Dumlao emphasized that “there’s no excuse” for continuing such expenditures post-pandemic.

“Ayuda was excused during the pandemic… However, for some reason, the government’s expenditure [on dole-outs] grew” even after the pandemic.

“There’s still [ayuda] spending as if it’s still the pandemic,” he said.

As elections gradually lose their hefty contribution to economic output, Dumlao urged the government to focus on key industries that would foster long-term growth.

“The economic drivers right now are accommodation like hotels, retail, trade, and construction. Business process outsourcing (BPO), too. Those are the fastest-growing subsectors,” he said.

Dumlao also suggested a further push for privatization of certain infrastructures and utilities.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you still think that election-related spending can still add a lot to the growth of the national economy this year? Do you think further privatization by the government will prove to be more crucial and helpful to enhancing economic growth? Did you notice how the local politicians and election candidate have been giving away assistance or ayuda to local communities recently?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines tourism revenue for January 2025 exceeds P65 billion

March 16, 2025March 6, 2025carlocarrasco

Based on the tourism revenue counted for the month of January 2025, Philippines tourism is off to a strong start with more than P65 billion, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The Philippines earned USD1.1 billion or PHP65.3 billion tourism revenues in January 2025, exceeding pre-pandemic levels in 2019, the Department of Tourism (DOT) said Thursday.

Data as of Feb. 28 showed that the earnings came from various activities, products, and services related to tourism, 136.1 percent higher than the USD821 million or 151.46 percent higher than the PHP43 billion recorded in January 2019.

“The recovery of Philippine tourism from the period of the pandemic in terms of revenues translates to thousands of jobs created for Filipinos, providing livelihood opportunities for many, especially in our rural and underserved areas,” Tourism Secretary Christina Garcia-Frasco said in a news release.

The country’s tourism income grew by 71.4 percent in terms of US dollars, compared to the USD652,255,773.51 recorded in January 2024.

Philippine peso revenues also soared by 78.81 percent from PHP36,508,238,043 in January 2024.

Frasco reported the Philippines achieved an all-time high tourism revenue of approximately PHP760 billion in 2024.

The DOT recorded the Philippines’ tourism revenues based on Visitor Sample Surveys, records from the previous arrival/departure cards, shipping manifests, and the current eTravel system.

A total of 1,167,908 foreign travelers visited the country in the first two months of 2025. Data as of March 1 showed that about 25.31 percent of the visitors came from South Korea.

South Korea has been the country’s top source of tourists since 2023, which is expected to boost further with the appointment of South Korean star Seo In-Guk as “celebrity tourism ambassador for the Philippines” last month.

While the P65.3 billion tourism revenue for January 2025 looks great for the Philippines, it remains to be seen if it could maintain the pace until the end of the year. In order to match the record P760.5 billion tourism revenue of 2024, the Philippines needs to attract P63.375 billion per month this year. If Philippine tourism can achieve P65 billion per month, that would translate to P780 billion by the end of the year.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the Philippines will be able to gross more than P760.5 billion in tourism revenue this year? Has your local government unit (LGU) been active in promoting local tourism?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines February 2025 inflation settles at 2.1%

March 14, 2025March 5, 2025carlocarrasco

Recently, the Philippine Statistics Authority (PSA) announced that the inflation rate of February 2025 settled at 2.1% primarily due to the easing of rate of price increases on non-alcoholic beverages and food, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Inflation in February this year slowed down to 2.1 percent from 2.9 percent in January mainly due to the easing of rate of price increase of food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) reported.

In a press briefing Wednesday, PSA Assistant Secretary Divina Gracia del Prado said the declaration of food security emergency by the Department of Agriculture (DA) to bring down cost of rice has been effective in taming the inflation last month.

Inflation of food and non-alcoholic beverages, which contributed 58.8 percent to the overall inflation last month, declined to 2.6 percent from 3.8 percent in January.

Cereal and cereal products, which include rice, had a deflation of 3 percent in February from a deflation of 1.1 percent in January.

“For me, I think, we are seeing the effect of food security emergency in our inflation… Because of this food security emergency, we have released the rice buffer from NFA (National Food Authority) to LGUs (local government units), and of course in Kadiwa Rice for All program,” del Prado said.

Rice alone had a sharper deflation of 4.9 percent, with prices decreasing since July 2024 due to easing international prices and tariff reduction. Vegetable inflation plunged to 7.1 percent in February from a 21.1 percent inflation in January.

Aside from food and non-alcoholic beverages, main contributors to the deceleration of inflation in February were housing, water, gas, and other fuels, which inflation eased to 1.6 percent from 2.2 percent in January, and transport, which recorded a deflation of 0.2 percent from 1.1 percent inflation rate

Meanwhile, major contributors to inflation in February were food and non-alcoholic beverages, mainly due to higher prices of pork, with inflation increasing to 12.1 percent in February from 8.4 percent in January; restaurants, café and the like; poultry meat; rentals; and higher cost of passenger transport by sea.

In a separate statement, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said the government stands ready to combat high inflation through its policies and programs.

“The government will sustain its efforts to keep inflation low and manageable to protect the purchasing power of Filipinos. As we expect six to 13 typhoons to develop from March to August 2025, the Department of Agriculture (DA) will implement the La Niña action plan to restore agricultural productive capacity in areas likely to be affected by continuous rainfall, flooding, and landslides,” Balisacan said.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the inflation rate will fall below 2% by the end of March 2025? If you have been shopping for food lately, did you notice significant movements on prices?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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