Marcos Says Philippine Inflation Is Running ‘Out of Control’

Philippine President Ferdinand Marcos Jr. said inflation is “running rampant and out of control” after data showed price increases quickened to a 14-year high in November.

“The main drivers of that inflation, unfortunately, are still imported,” Marcos said at a forum on Tuesday, according to an official transcript. “So again, import substitution is still a good idea not only for foreign exchange reserve but also so that we can keep our inflation rate down.”