Marcos said the government will continue to use interest rates to combat inflation.
Philippine peso worst performer in Southeast AsiaPhilippine President Ferdinand Marcos Jr said on Tuesday his government was prepared to defend the peso,accelerate inflation that is already at four-year highs“We may have to defend the peso in the coming months, but the overall forecast is that we are still doing better than other countries in terms of inflation,” Marcos said on Twitter after meeting with his economic ministers.
Marcos said the government will continue to use interest rates to combat inflation, which is on track to breach a 2%-4% target for the year due in part to higher prices of imported commodities like fuel. Year-to-date inflation was at 5.1% in September, while year-on-year inflation stood at 6.9%. “Number one priority is still inflation. We will continue to use interest rates to mitigate the effects,” he said.by 225 basis points this year, including an off-cycle 75 bps hike in July, to tame inflation andthe peso’s decline. Bangko Sentral ng Pilipinas has two more meetings left before the end of the year.
Central Bank Governor Felipe Medalla has said the monetary authority was active in the forex market and selling strategically to prevent
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