President Ferdinand ‘Bongbong’ Marcos Jr. on Tuesday said the skyrocketing Philippine inflation is “rampant” and “out of control”.
In his speech during the 11th Arangkada Philippines Forum in Pasay City, Marcos said the main drivers of inflation are imported products.
“So again, import substitution is still a good idea not only for foreign exchange reserve but also so that we can keep our inflation rate down,” he said.
The country’s inflation accelerated to a 14-year high of 8.0 percent in November 2022.
Philippine Statistics Authority (PSA) officer-in-charge Divina Gracia Prado said the uptrend rate is mainly attributed to food and non-alcoholic beverages with 10 percent from 9.4 percent in October 2022.
Despite this, the President claimed that the country’s economy is still on track to “maintain its strong economic performance" and it can achieve the government’s 2022 growth target of 6.5 to 7.5 percent.
“Our growth rate looks healthy, our pesos have become stronger, relative to other currencies, and our employment rate is quite reasonable considering the situation,” he said.
Marcos said the government is committed to further boosting economic growth along with reducing the poverty and reinvigorating job creation.
“The government exerts efforts in accelerating the country’s economic growth by further easing travel and mobility restrictions, implementing economic reforms, and improving economic cooperation with trade and investment partners,” he added.
Likewise, he said the government is enhancing the ease of doing business, public-private partnerships, and improving bureaucratic efficiency through ICT development and digitalization.
“Rest assured this government is united in ensuring that the Philippines will become a viable and sustainable destination for domestic and foreign investors,” Marcos further said.
