Marcos says inflation remains Philippines’ ‘greatest problem’
MANILA: Philippine President Ferdinand Marcos Jr. said inflation continues to be the country’s "greatest problem” brought on by price gains across the world that’s beyond the government’s control.

"Despite the woes brought about by global inflation, our country has still managed to curb inflation to a reasonable - almost manageable level,” Marcos said on Wednesday (June 12) at a reception in the presidential palace in celebration of the nation’s Independence Day.

Annual Philippine inflation quickened for a fourth straight month to 3.9% in May, though the average so far this year is still within the government’s target band of 2% to 4%. "It is a very large improvement from the situation that we were under maybe a year ago,” Marcos said.

The International Monetary Fund said on Monday that a government plan to lower rice import tariffs could help food inflation ease faster later this year and give the central bank room to pivot to monetary easing. It cut its average Philippine inflation forecast for this year to 3.4% from 3.6%.

Marcos also said that Manila’s investment-grade credit rating would lead to "more accessible financing” for government programs and that expectations of strong growth through next year bodes well for the "transformation of our economy.”

Fitch Ratings has affirmed the country’s long-term foreign currency debt rating at BBB with a stable outlook and sees its real gross domestic product expanding above 6% over the medium term.

On foreign policy, the Philippine leader reiterated that the government continues to pursue an independent position, supporting the rule of law and rules-based international order.

Since assuming power in 2022, Marcos has asserted his nation’s territorial claims in the South China Sea where Beijing has sweeping claims, often leading to encounters between ships of the two countries. - Bloomberg
Philippines,Marcos,inflation
MANILA: Philippine President Ferdinand Marcos Jr. said inflation continues to be the country’s "greatest problem” brought on by price gains across the world that’s beyond the government’s control.