Philippine government committed to temper inflation — Marcos

November 17, 2023 - 3:22 PM
Ferdinand Marcos Jr. President of the Philippines speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in San Francisco, California, U.S., November 15, 2023. (Reuters/Carlos Barria)

President Ferdinand Marcos Jr said on Thursday that the government is committed to bringing down inflation and maintaining overall price stability.

The government will pursue supply-side interventions and demand-side management measures to address inflation, Marcos said at an economic briefing in San Francisco aired live on Facebook.

The consumer price index rose 4.9% in October, less than the 6.1% in September, owing to slower increases in prices for food. But year-to-date average inflation stood at 6.4%, beyond the central bank’s 2% to 4% target range for the year.

The Philippine central bank sees inflation easing to within target next year, its governor said.

“We’re not out of the woods yet but we are within striking distance of our target range which is between 2% to 4%,” Bangko Sentral ng Pilipinas Governor Eli Remolona said in the economic briefing.

Philippine monetary authorities later on Thursday will decide on the target reverse repurchase rate PHCBIR=ECI, which was increased by 25 basis points to 6.50% in an off-cycle rate-setting meeting in October.

— Reporting by Neil Jerome Morales; Editing by Chris Reese and Sandra Maler