Marcos commits to arrest inflation, maintain price stability

‘We are committed to arresting inflation and maintaining overall price stability through supply side interventions and demand-side management measures’

SAN FRANCISCO, California — President Ferdinand Marcos Jr. on Wednesday (US Time) said that his government will reduce inflation and preserve general price stability in the Philippines.

During an economic briefing at the Ritz-Carlton Hotel here, Marcos said the government will employ demand-side and supply-side management strategies to combat inflation.

“Inflation is slowly coming down,” the President said.

“We are committed to arresting inflation and maintaining overall price stability through supply side interventions and demand-side management measures,” he declared.

Ready to take off

The President said the Philippines is ready to take off as a leading investment hub in Asia, with a solid reform agenda and unabating growth amid headwinds.

“A wealth of opportunity awaits you in the Philippines, and we are ready to explore new horizons with your investments in the coming years,” he said.

Before Marcos spoke to the businessmen in the same economic briefing,

Bangko Sentral ng Pilipinas Governor Eli Remolona had said that he sees inflation easing within the government’s target range next year.

Remolona provided insights into the country’s inflation rates during the Philippine economic briefing here, highlighting challenges in recent years and outlining his forecast for 2024.

The BSP governor acknowledged that inflation rates in the Philippines have remained elevated over the past few years, mirroring a global trend.

Not out of the woods yet

“We are not out of the woods yet though we are within striking distance of our target range, which is between 2 to 4 percent,” Remolona said during the briefing.

He projected that inflation would hover between two to four percent this year or in 2024.

However, he did highlight a potential uptick around April to July, where inflation rates might approach or even exceed the upper limit of the target range.

“But for most of the year, it should be between two and 4 percent,” Remolona said.

He underscored the BSP’s commitment to address inflationary pressures, stating that the central bank has implemented a series of tightening measures totaling 450 basis points. These measures aim to stabilize prices and bring them within the desired range.