Marcos vows to arrest inflation, ensure price stability

SAN FRANCISCO, USA — President Ferdinand "Bongbong" Marcos Jr. on Thursday (PH Time) vowed to arrest inflation and ensure price stability in the Philippines. 

Wooing foreign investors during the Philippine Economic Briefing (PEB) held at the Ritz-Carlton Hotel here, Marcos noted that the country's inflation rate has been "slowly coming down."

"Labor market conditions remain strong. We have been seeing consistently low levels of unemployment and improving quality of employment and underemployment that has been lessened and employment that has been generated," Marcos said. 

He added that inflation "is slowly coming down. The October 2023 inflation slowed down to 4.9 percent from a frighteningly high 6.1 percent in September."

"We are committed to arresting inflation and maintaining overall price stability through supply-side interventions and demand-side management measures," the President said.

Marcos also highlighted the Philippines' economic development as he emphasized that the country is ready to become the leading investment hub in Asia.
 
"With a solid reform agenda and unabating growth amid headwinds, the Philippines is ready to take off as a leading investment hub in Asia," he said. 

"A wealth of opportunity awaits you in the Philippines, and we are ready to explore new horizons with your investments in the coming years," Marcos added.

The country's economic managers, led by Finance Secretary Benjamin Diokno, conducted briefings with prospective investors, pitching the country’s readiness as a leading investment hub. 

Through International PEBs and Non-Deal Roadshows (NDRs), they were able to show the country’s visibility and expand its investor outreach, Malacañang said.

Since 2010, the PEBs in key financial centers abroad have helped generate interest in the Philippines as a sound investment proposition. 

After two straight months of acceleration, inflation or the rate of increase in the prices of goods and services slowed down in October at 4.9% on the back of slower increases in food prices.

According to the Philippine Statistics Authority (PCA), October's inflation was lower than the 6.1% rate recorded in September 2023. It was also lower than the 7.7% rate seen in October 2022, and slowest rate since the 4.7% inflation seen in July this year. —KBK, GMA Integrated News