National Economic and Development Authority Secretary Arsenio Balisacan expressed concern about the persistently high inflation rate as this could hamper the Marcos administration's economic and pover
During a briefing on Friday, the official said the elevated September inflation print was"worrisome."On Thursday, the Philippine Statistics Authority reported that the rate of price increases went faster anew to 6.1% in September from 5.3% recorded a month ago. Rice inflation alone soared to a 14-year high despite the imposition of a price cap during the period.
In the second quarter, the local economy grew at a slower pace of 4.3%, taking a hit from the high inflation and the central bank's decision to implement jumbo rate hikes.Balisacan is optimistic that the economy could weather this amid the presence of"positive developments." The holiday rush gives an added boost to the economy as this is when more Filipinos spend more for gift-giving and leisure travel."We are not giving that up. But even if the target is reduced from say 5.5% to 6.5%, that's still...even if it's slightly below 6, it's not something that we should cry about because it's still one of the best-performing economies in the Asia Pacific region," Balisacan said.
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