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Manila Bulletin devider Philippines devider National devider PBBM, Cabinet tackling high inflation rates

PBBM, Cabinet tackling high inflation rates

Published Oct 5, 2023 07:53 am

Malacañang has assured Filipinos that the government remains committed in addressing the challenges caused by the 6.1 percent inflation rate in September.

BBM FILE.jpg
President Ferdinand 'Bongbong' Marcos Jr. (Noel Pabalate)

In a statement on Thursday, Oct. 5, the Presidential Communications Office (PCO) said President Marcos and his Cabinet are taking necessary steps in transportation, food security, and agriculture to respond to problems posed by the high inflation rate.

"The government remains committed to addressing the challenges posed by the 6.1% inflation rate recorded for September 2023 and has initiated a series of measures, including a digital Food Stamp Program, fuel subsidies, and targeted assistance for farmers, which extend beyond the short term," the PCO said.

"The President and his Cabinet are actively working to alleviate transportation costs and make long-term investments in irrigation and modern farming practices to support our agricultural community," it added.

The Palace also said that the country's economic managers anticipate a moderation in rice prices, as local production increases due to the onset of the harvest season and the entry of rice imports previously ordered.

"This will further alleviate the burden on our citizens," the PCO said.

"The administration's dedication remains unwavering in ensuring stability and providing assistance to those in need, safeguarding the citizens' interests in these challenging times," it added.

According to the Philippine Statistics Authority (PSA), the inflation in September 2023 increased to 6.1 percent, up from 5.3 percent in August, bringing the year-to-date inflation to 6.6 percent.

The increase is primarily due to higher food inflation, which rose to 10.0 percent last month from 8.2 percent in August.

Higher food inflation was recorded on rice (17.9 percent from 8.7 percent), meat (1.3 percent from -0.1 percent), fruits (11.6 percent from 9.6 percent), and corn (1.6 percent from 0.9 percent).

Marcos also committed to continue providing aid to vulnerable communities amid the high prices of food commodities.

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