MANILA, Philippines — While he admitted that inflation is “running rampant and out of control,” President Ferdinand Marcos Jr. on Tuesday said the Philippines is still on track “to maintain
a strong economic performance” and achieve the government’s growth target of 6.5 to 7.5 percent for this year.
The November figure brings the year-to-date inflation to 5.6 percent, in close proximity to the government’s target of 5.8 percent. Ricafort noted this since crude oil prices have already gone down from a high of $130.50 per barrel in March to $77 per barrel today. BSP Governor Felipe Medalla said in an interview with Bloomberg TV last week that he is personally looking at several more increases of 0.25 ppts in the succeeding meetings of the MB, which is set to meet one more time this month before the year ends.
The Albay lawmaker also cited his measure seeking to classify large-scale food price manipulation as economic sabotage—which he said has the support of the House leadership and the committee on agriculture and food.
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