MANILA -- President Ferdinand R. Marcos Jr. vowed to strengthen the government efforts to sustain the country’s economic growth and to address challenges following the significant slowdown on inflation for January 2024.

“We are pleased to announce a significant slowdown on inflation for January 2024, reaching its lowest point since October 2022, at 2.8 percent,” President Marcos said in a statement.

The President attributed the slowdown on inflation to the decline in food inflation, which dropped to 3.3 percent from the previous month and to the government’s proactive measures including the implementation of the National Adaptation Plan and the reactivation of Task Force El Niño.

“Additionally, strategic partnerships with countries like Vietnam for rice supply to allow further imports of key food commodities are crucial steps towards ensuring sustain progress,” President Marcos said.

“We remain committed to easing the burden on our citizens, as evidenced by the recent electricity bill discounts for low-income households,” he added.

Amid all the challenges, President Marcos urged the public to join the government to overcome economic challenges and build a better future for everyone under a “Bagong Pilipinas.” (PND)