Philippine Inflation Drops from 14-Year High Thanks to Government Interventions
• Philippine government has managed to decrease inflation from 14-year peak of 8.7% in January 2023 to 3.9% in December • House Speaker Romualdez attributes lower inflation to President Marcos Jr.’s intervention programs before holiday season • Congress aims to further reduce inflation by supporting farmers and fisherfolk to produce more staple foods • Despite inflation slowing, rice prices still high at above P50/kilo since November 2022 • Romualdez says he will suggest reimposing rice price cap if prices continue to unreasonably increase