Philippine President Addresses Inflation Challenges

Philippine President Ferdinand R. Marcos Jr. emphasized the government’s dedication to reducing inflation and maintaining price stability. In a San Francisco economic briefing, he outlined plans to implement supply-side interventions and demand-side management measures.

The consumer price index, which rose by 4.9% in October, showed a decrease from 6.1% in September, mainly due to slower food price increases. However, the year-to-date average inflation of 6.4% still exceeds the central bank’s target range of 2-4%.

Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. expressed optimism about reaching the target range next year, despite acknowledging ongoing economic challenges. The Philippine monetary authorities are also set to decide on the target reverse repurchase rate, which was last increased to 6.50% in October​​.

PHOTO: PHILIPPINE STAR/KRIZ JOHN ROSALES