Philippine President Ferdinand Marcos Jr. said he has the power to rein in prices of consumer products and does not need to seek authority from Congress to address domestic inflation that’s currently at a 14-year high.
(Bloomberg) — Philippine President Ferdinand Marcos Jr. said he has the power to rein in prices of consumer products and does not need to seek authority from Congress to address domestic inflation that’s currently at a 14-year high.
“I do not think that it is necessary to ask for special powers. I have already the power to declare an emergency and to control the prices of commodities. So I don’t think there is any need for more than that, that is sufficient,” Marcos said in a statement issued on Wednesday by his communications office.
The Bangko Sentral ng Pilipinas expects inflation to rise anywhere within 8.5% and 9.3% in February, which is likely to put pressure on the monetary authority to sustain its most-aggressive tightening in two decades. Consumer prices rose 8.7% in January, the fastest since November 2008.
The government is implementing measures to mitigate the impact of high inflation on consumers including boosting agricultural productivity and food supply, according to the statement.
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