While GDP growth in the third quarter exceeded expectations, the Philippines' inflation rate hit a nearly 14-year high of 7.7% in October.
PHNOM PENH, Cambodia – President Ferdinand Marcos, Jr., after touting the Philippines’ economic growth in the third quarter of the year, said inflation “is still of great concern” even if other economic indicators were improving.
“Once again, we are always very conscious of the inflation rate because [this] reflects the cost of living of ordinary people. So that is still of great concern to us. But we have created the jobs, we have started the growth and that will pull us out of the debt that – situation that we are in,” said Marcos late Thursday, November 10, in a statement released by the Office of the Press Secretary.
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