Marcos says interest rates to be used to mitigate inflation
President Ferdinand Marcos Jr said '' we will continue to use interest rates to mitigate the effects'' in his Twitter account following a meeting with the economic team on Tuesday.
''We may have to defend the peso in the coming months, but the overall forecast is that we are still doing better than other countries in terms of inflation though economic development are still anticipated,'' said Marcos.
Inflation for September hit 6.9 percent, the highest since October 2018.
Marcos and his economic team tackled policy directions for the rest of the year and the first quarter of next year.
On Monday, the peso closed at an all-time low of P59 against the dollar for the third time.
This was reiterated by Socioeconomic Planning Secretary Arsenio Balisacan in a press conference last Tuesday.
"We are also monitoring (economic) developments closely so that we can deploy our monetary tools like the interest rate for example and how we can intervene in the financial market to tame, including the depreciation of the peso," Balisacan said.
Marcos said in his Facebook page the government's priority is '' to solve the rising prices of goods, which is the cause of inflation and other problems in the economy." DMS
