PBBM crafting plans to address inflation, soaring consumer prices

PBBM crafting plans to address inflation, soaring consumer prices

By Tracy Cabrera

Recognizing the plight of Filipinos, amid soaring consumer prices, government readying policies to mitigate inflation. (Photo: Bloomberg)

MANILA — With the majority of Filipinos urging the new administration to implement programs that would control soaring consumer prices, President Ferdinand ‘Bongbong’ Marcos Jr. has announced plans to initiate measures that would effectively help curb inflation.

Reacting to poll results showing the plight of marginalized sectors amid the high cost of living, press secretary Beatrix Rose ‘Trixie’ Cruz-Angeles disclosed that the president is very much aware of the uptick in the inflation rate and the former senator has actually acknowledged that this could be a “potential problem” in the coming months.

Hence, Cruz-Angeles said, the chief executive initiated during his first meeting with his Cabinet discussions over several proposed initiatives to tame the rise in consumer prices.

“We actually discussed inflation at the last Cabinet meeting and the president himself reported this, so he is actually ahead of the publication of the survey having anticipated this as a potential problem,” the Palace official cited.

Based on data issued by the Philippine Statistics Authority (PSA), the inflation rate in the country climbed to a three-year high at 6.1 percent in June from 5.4 percent in May and 3.7 percent a year ago amid higher food and transport cost.

In a recent media interview, Marcos Jr. stressed that he has already directed all government offices to follow the “central policy” that will be crafted by his economic team to address the prevailing adverse economic situation now being felt across the country.

The chief executive added that the country’s rising inflation warrants careful handling and close monitoring. (ai/mtvn)

Leave a Reply