{"id":19254,"date":"2024-06-13T03:02:21","date_gmt":"2024-06-13T03:02:21","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/marcos-says-inflation-is-still-philippines-greatest-problem\/"},"modified":"2024-06-13T03:02:21","modified_gmt":"2024-06-13T03:02:21","slug":"marcos-says-inflation-is-still-philippines-greatest-problem","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/marcos-says-inflation-is-still-philippines-greatest-problem\/","title":{"rendered":"Marcos says inflation is still Philippines\u2019 \u2018greatest problem\u2019"},"content":{"rendered":"
\n

PHILIPPINE PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said in<\/span>f<\/span>lation remains a major concern for his government.<\/span><\/p>\n

\u201cIt remains unfortunately our greatest problem that is brought by forces that we cannot control,\u201d Mr. Marcos said at an annual Independence Day reception for diplomats at the Presidential Palace. <\/span><\/p>\n

Headline inflation hit a six-month high of 3.9% in May amid rising utility and transport costs alongside increasing food prices. It was higher than April\u2019s 3.8% but slower than 6.1% in the same month last year.<\/p>\n

This brought the f<\/span>ive-month average inf<\/span>lation to 3.5%, within the Bangko Sentral ng Pilipinas\u2019 2-4% target range.<\/p>\n

\u201cDespite the woes brought about by global inflation, the Philippines has still managed to curb in<\/span>f<\/span>lation to a reasonable, almost manageable level,\u201d Mr. Marcos said.<\/span><\/p>\n

The Philippines is still reeling from the El Ni\u00f1o weather phenomenon, which has caused P9.89 billion in agricultural losses as of this week.<\/p>\n

Inflation remained manageable due to the combined e<\/span>f<\/span>fects of the <\/span>f<\/span>iscal and monetary policies,\u201d said John Paolo R. Rivera, president and chief economist at Oikonomia Advisory & Research, Inc.\u00a0<\/span><\/p>\n

\u201cPrudence in policy making also helped in tempering a threat to macroeconomic stability,\u201d he said in a Facebook Messenger chat.<\/p>\n

The Monetary Board has kept the policy rate steady at a 17-year high of 6.5% since October 2023 to tame inf<\/span>lation.<\/p>\n

Mr. Marcos also on Wednesday emphasized the Philippines has continued to enjoy a \u201cfavorable\u201d credit rating.<\/p>\n

\u201cWe are credited with a \u2018stable\u2019 outlook, which signals growth momentum in the medium term,\u201d he said, hoping that it would translate to more accessible f<\/span>inancing for government programs.<\/p>\n

Fitch Ratings has kept the Philippines\u2019 \u201cBBB\u201d credit rating with a \u201cstable\u201d outlook. A \u201cBBB\u201d rating indicates low default risk and ref<\/span>lects the economy\u2019s adequate capacity to pay debt. Meanwhile, a \u201cstable\u201d outlook means it is likely to be maintained rather than lowered or upgraded over the next 18-24 months.<\/p>\n

\u201cSo, we will maintain that status and we will try to improve that and across all major regional and international debt [rating] agencies,\u201d Mr. Marcos said.<\/p>\n

The government is targeting to achieve an \u201cA\u201d level rating by 2028 or the end of the Marcos administration. \u2014 Kyle Aristophere T. Atienza <\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PHILIPPINE PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said inflation remains a major concern for his government. \u201cIt remains unfortunately our greatest problem that is brought by forces that we cannot control,\u201d Mr. Marcos said at an annual Independence Day reception for diplomats at the Presidential Palace. Headline inflation hit a six-month high of 3.9% [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,3574,4285,594,1572,4035,192,1477],"class_list":["post-19254","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-greatest","tag-inflation","tag-marcos","tag-philippines","tag-problem","tag-says","tag-still"],"yoast_head":"\nMarcos says inflation is still Philippines\u2019 \u2018greatest problem\u2019 - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/marcos-says-inflation-is-still-philippines-greatest-problem\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Marcos says inflation is still Philippines\u2019 \u2018greatest problem\u2019 - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"PHILIPPINE PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said inflation remains a major concern for his government. \u201cIt remains unfortunately our greatest problem that is brought by forces that we cannot control,\u201d Mr. Marcos said at an annual Independence Day reception for diplomats at the Presidential Palace. 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