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Netizens slam Pres. Bongbong Marcos after inflation hit a 14-year high in January

Marcos, during his conversation with reporters, confessed that the tactics aimed at lowering the unrelenting high prices, like importing food to supplement the scarce supply in the nation, require more time.

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Pres. Bongbong Marcos was blasted by netizens after promising that the inflation rate in the country would drop in 2023.

Marcos stated that on Tuesday, it is expected that prices will decrease in the second quarter. This is due to the government’s efforts to manage inflation which has affected the majority of commodity groups.

According to Marcos, tactics used to lower the unrelenting high prices, such as importing food to supplement a scarce supply, take time. Marcos remarked, “My continuing estimate or forecast is that by — we can see the lowering of inflation by the second quarter of this year.”

Unfortunately, Marcos’ prediction didn’t come true as the unexpectedly accelerated 8.7% year-on-year in January, faster than the 8.1% clip recorded in December, the Philippine Statistics Authority reported. The figure also exceeded the central bank’s forecast of 7.5% to 8.3% for the month.

Netizens then criticized the president for not doing enough.

The increase presents a challenge for the Central Bank as it prepares for its next interest rate evaluation on February 16th. Felipe Manguiat Medalla, a Filipino economist currently serving as the Governor of the Bangko Sentral ng Pilipinas previously stated that inflation could have reached its highest point in December.  He mentioned over the weekend that the upcoming review “will concentrate on inflation expectations in the Philippines, not on the 25 basis point rate hike by the US Federal Reserve.”

The rise in commodity prices could result in additional interest rate hikes in the Philippines after the central bank raised its key rate by 3.5 percentage points in 2022.

According to the national statistics agency, the main contributor to the overall increase in prices was housing, water, electricity, gas, and other fuels. These items saw a collective 8.5% yearly increase in January compared to 7.0% in December.

Food inflation also increased to 10.7% from 10.2% in December, due to higher prices for vegetables such as onions. The country has faced a shortage of agricultural supplies, leading Marcos who also serves as agriculture secretary, to support more imports.

Marcos referred to food inflation as an “emergency” and described the latest inflation report as “unfortunate” on Tuesday. He mentioned that the recent importation of agricultural products to increase local supply “will reduce prices, but it will take some time.”

The National Statistician, Dennis Mapa, informed reporters on Tuesday that core inflation, which does not include volatile items such as fish, meat, vegetables, and electricity, increased to 7.4% last month, which is the fastest rate since April 1999.  Mapa stated, “As a consumer, I would say that that’s already the peak. Our risk is really the prices of food.”

The increase in prices is considered a threat to the Philippines’ economic performance.

Arsenio Balisacanbongbong marcosDennis MapaFelipe MedallainflationPSA

Written by Charles Teves

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