Ferdinand “Bongbong” Marcos Jr. waves to supporters on May 07, 2022 in Parañaque, Metro Manila, Philippines. Marcos disagrees with the Philippine Statistics Authority’s report that the country’s headline inflation hit 6.1% in June 2022. (Photo by Ezra Acayan/Getty Images)

President Ferdinand Marcos Jr. disagreed Tuesday, July 5 with the Philippine Statistics Authority (PSA) headline inflation of 6.1%.

Simply put, inflation is the general increase in the prices of goods in the market.

“6.1%? I’m going to have to disagree with that number, we’re not that high,” he said. “Unfortunately, it looks like we might cross that threshold, tatawid tayo sa (we will cross) 4%. We have to think about interest rate levels. But there is a contradictory force in [foreign] exchange rate levels.

Marcos added: “The forces that have pushed up commodity prices are beyond our control. Much of our inflation is imported; it is the inflation on the products which have undergone the inflation that we import. Sumama inflation nila sa atin (Their inflation accompanied ours).

Bangko Sentral of the Philippines Governor Felipe Medalla said on June 29 that they were eyeing higher interest ratesjust after his predecessor Benjamin Diokno reported a “modest” increase of 25 points which entered into force five days earlier.

“If we see that the exchange rate is overshooting too much and selling currencies won’t make the problem go away, we may consider raising policy rates more than our projected 25 basis point hike,” Medalla said. .

The executive director of the independent think tank IBON Foundation, Sonny Africa, commented on Marcos Jr.’s inflation remark, calling him a “bolero” (sweet talker). It comes after PSA national statistician Dennis Mapa supported the agency’s report on inflation.

“I disagree with the 6.1% inflation data, but I didn’t say why. He pretended to talk about interest rates and exchange rates, but rambling,” said Africa.” How will its administrator handle bad news – cavalierly dismissing it, even if it comes from credible sources, or obfuscating it with gibberish? »

Economist Emmanuel Leyco also commented on Marcos’ remark and claimed that PSA was “the most authoritative source” regarding the rate of inflation, and that there was no reason not to believe it.

Marcos was ridiculed in 2021 for initially failing in economics and politics, according to a June 1976 letter between Pablo Arque and the late dictator Ferdinand Marcos Sr. He eventually succeeded in economics, but continued to fail in politics according to another letter between the two in October 1976.

Mark Ernest Famatigan is a journalist who focuses on Philippine politics. He is an advocate for press freedom and regularly follows the evolution of the Philippine economy. The opinions expressed are his own.

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