31.1 C
Brunei
Monday, November 28, 2022
31.1 C
Brunei
Monday, November 28, 2022
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    Philippine government to address supply bottlenecks to tame inflation

    CNA – The Philippine government will help ensure inflation will be on a target-consistent path over the medium term by addressing supply shocks and bottlenecks, Finance Secretary Benjamin Diokno said yesterday.

    Philippine inflation accelerated in October to its fastest pace in nearly 14 years at 7.7 per cent, driven by price gains in key commodity groups, including food and energy.

    “To help address food and energy inflation, we are intensifying efforts to improve agricultural production and reduce power costs,” Diokno said in a statement. “Measures are also being implemented to help the agriculture sector rebound from the damages caused by recent typhoons.”

    Among measures being considered, the finance secretary said was the extension of an executive order reducing tariffs on rice, corn, and coal.

    President Ferdinand Marcos Jr, meanwhile, has ordered agencies to continue supporting the most vulnerable sectors via cash aid and fuel discounts to help cushion the impact of rising inflation, his office said in a separate statement.

    A vendor sleeps in a stall selling rice at a public market in Quezon City, Philippines. PHOTO: CNA
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