Other concerned government agencies also implemented measures to boost food supply, including streamlining of processes for food importation. Congress passed, and the President approved, a game-changing law that liberalizes rice importation. As such, after peaking at 6.7 percent in September 2018, inflation continued its downward trend, settling at 0.9 percent in September, the lowest in over three years.
Based on these developments, BSP estimates that inflation will settle at 2.5 percent this year, and 2.9 percent in 2020 and 2021, well within the official target of 2.0 to 4.0 percent. Third-party institutions agree that inflation will be within target range up to 2021.