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 percent in October, less than the 6.1 percent in September, owing to slower increases in prices for food. But year-to-date average inflation stood at 6.4 percent, beyond the central bank’s 2 percent to 4 percent 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 percent to 4 percent,” 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 percent in an off-cycle rate-setting meeting in October.
