Marcos: No need for special powers to address inflation

President Ferdinand "Bongbong" Marcos Jr. said Wednesday that he does not see the need for special powers to address the rising inflation.

"I do not think that it is necessary to ask for special powers. If we declare, for example, if we declare... I already have the power to declare an emergency and to control the prices of commodities. So I don't think there's any need for more than that. That is efficient," Marcos told reporters.

Marcos' remark came after BSP Senior Assistant Governor for the Monetary Policy Sub-sector Iluminada Sicat said that "inflation is expected to remain elevated this month."

It was also reported that some lawmakers are considering the grant of special powers to Marcos in order to curb inflation.

In its February forecast, the central bank said inflation is expected to settle between 8.5% and 9.3%.

In January, the Philippines saw an inflation - the rate of increase in the prices of goods and services - of 8.7%, an acceleration which surprised economic managers. — RSJ, GMA Integrated News