QUEZON CITY (PIA) — Finance Secretary Ralph Recto said on Sept. 24 that he is optimistic inflation would ease further in 2025 from 2.9 percent to 3.1 percent.
In a Palace briefing on Tuesday, he said, “We expect inflation to be 2.9 to 3.1 percent next year, even lower than this year.”
He noted that inflation would even dip further to 2.5 percent this September.
Moreover, Recto said that the government is “on track” in achieving its 2024 inflation target despite external headwinds—the Middle East crisis and oil price increases, among others.
Citing Philippine Statistics Authority data, Recto said the country’s inflation in August eased to 3.3 percent, down from July’s 4.4 percent.
While he said that inflation usually goes up during the October to December 2024 period, he noted that it is “seasonal,” saying that it will still be within the government’s target range of 2 to 4 percent.
“So, for the full year, we’re looking at the total inflation rate to be about 3.4 percent more or less. And the beauty about reducing inflation is that your GDP (gross domestic product) growth goes up and more jobs can be created; your borrowing cost goes down,” Recto added.
Recto said the Philippine economy is “continuously growing,” settling between 6 percent and 6.1 percent during the first two years of President Ferdinand R. Marcos Jr.’s administration.
These reports suggest that the rising cost of living may soon stabilize. If inflation stays low, it could lead to more affordable prices for basic goods and services, while also helping to create more jobs—ultimately benefiting everyone. (PIA-DMD)
