Photo by Marhom Ibrahim/BIO
COTABATO CITY—Philippine Statistics Authority (PSA-BARMM) announced on July 13 that the region’s inflation rate in June decreased slightly to 6.0 percent, indicating a positive economic performance in comparison to the 6.1 percent rate recorded in May 2023.
Engr. Akan Tula, OIC Regional Director of PSA-BARMM, attributed the decline in inflation to several factors, including the Transport services, Housing, Water, Electricity, Gas, and Other Fuels; and Restaurant and Accommodation services.
Among the regions in the country, the Cordillera Administrative Region (CAR) maintained the lowest inflation rate at 3.2 percent, followed by Region-VIII or Eastern Visayas Region at 3.3 percent. Region I or Ilocos region recorded the third lowest inflation rate at 4.3 percent, while the MIMAROPA Region continued to record the highest inflation rate at 7.2 percent.
Furthermore, the headline inflation rate for the entire Philippines dropped to 5.4 percent last month compared to May 2023 when it was at 6.1 percent.
In BARMM, Maguindanao had the highest inflation rate at 7.2 percent, followed by Sulu at 6.5 percent, Tawi-Tawi at 6.1 percent, Basilan at 5.7 percent, and Lanao Del Sur with the lowest inflation rate at 4.0 percent.
The report also noted that Cotabato City experienced an increase in its inflation rate to 4.7 percent in June 2023 compared to the 4.3 percent inflation rate in the previous month of May 2023.
Regarding the status of the Bangsamoro region, Chief Economic Development Specialist Camella De Vera-Dacanay of BPDA stated that there are ample resources in BARMM to mitigate fluctuations in the region’s inflation rate and keep it within a viable and acceptable range.
Dacanay emphasized that, except for a shortage of human resources, the region possesses sufficient financial capacities, skills, and intervention programs and projects by different ministries, offices, and agencies that can help manage inflationary pressures.
Dacanay added, “Our regional government is implementing programs, projects, and services intended for our community households to alleviate the impact of inflation rates. This includes capacity building and entrepreneurship training, among others, enabling them to compete in business and income opportunities in the region.”
PSA-BARMM Chief Statistical Specialist Edward Donald Eloja highlighted the community intervention of providing “ayuda” or packages of food items to non-employees and the poorest individuals in the region as a means of supporting the people and easing the effects of inflation.
Meanwhile, Jherus de Guia, Acting Bank Officer IV (Operations Support Division) of the Bangko Sentral ng Pilipinas (BSP) in Cotabato City, stated that the current inflation rate falls within the BSP’s forecast range of 5.3 percent to 6.0 percent target.
De Guia expressed the BSP’s readiness to adjust monetary policies to prevent further price pressures and mitigate the emergence of secondary effects considering the persistent upside risk to the inflation outlook.
He also emphasized the BSP’s support for timely and effective implementation of non-monetary measures to mitigate the impact of persistent supply-side pressures on inflation in the country. (Kasan Usop, Jr./BIO)
