The economic team of President Ferdinand R. Marcos Jr. reported positive developments in the Philippines’ inflation rate, with Finance Secretary Ralph Recto stating that the recent 3.3% inflation recorded last month could drop further to 2.1% to 2.5% by the end of September.
Recto also revealed that for the full year 2024, the government is targeting an average inflation rate of 3.4%, significantly lower than the 6.1% rate seen during the first two years of the Marcos administration.
While Recto acknowledged potential challenges, he mentioned that even if inflation rises during the fourth quarter, it would still remain within the projected range of 3.1% to 3.9%.
Recto noted that external factors, such as escalating conflicts in the Middle East, pose risks to inflation, especially concerning the prices of essential goods.
These global tensions could affect the country’s economic performance moving forward.
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