Philippine government committed to temper inflation - president
Philippine government committed to temper inflation - president
Philippine government committed to temper inflation - president
by DZRH News17 November 2023
FILE PHOTO: A security guard stands beside a logo of the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) posted at the main gate in Manila, Philippines April 28, 2016. REUTERS/Romeo Ranoco/File Photo

(Reuters) -Philippines 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, which was increased by 25 basis points to 6.50% in an off-cycle rate-setting meeting in October.

(Reporting by Neil Jerome MoralesEditing by Chris Reese and Sandra Maler)

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