Beatrice Pinlac
Nov 11, 2022
MANILA, Philippines - President Ferdinand Marcos Jr. said the ballooning inflation rate in the country "Is still of great concern," noting that his administration remains "Very conscious" of the Filipinos' cost of living.
Marcos said the expansion of the Philippine economy, which surpassed earlier estimates as it grew by 7.6 percent in the third quarter of this year, "Makes sense," as he cited the dip in the unemployment rate last August.
Despite the improving gross domestic product and the declining unemployment rate in the Philippines, Marcos said his administration remained wary of the soaring inflation rate.
"Once again, we are always very conscious of the inflation rate because this reflects the cost of living of ordinary people, so that is still a great concern to us. But we have created jobs, we have started growth and that will pull us out of the debt situation that we are in," he noted.
The Philippines' inflation rate accelerated to a nearly 14-year high at 7.7 percent in October, and is seen to rise further.
Mr. Marcos reiterated that the country has been dealing with "Shocks that are coming from abroad" but he believes that when it concerns the Philippine economy, "They have made the right policy decisions."
Mr. Marcos is currently in Phnom Penh, Cambodia for the Association of Southeast Asian Nations Summit and other related summits until Sunday, November 13.
On Thursday, he joined top Cambodia-based business executives at a roundtable meeting, where he invited them to set their sights on forging investments in the Philippines.