MANILA - President Ferdinand Marcos, Jr. on Tuesday described the accelerating inflation as "rampant" and "out of control" as the November rate quickened to 8 percent.

Speaking before business leaders at the Arangkada Forum of the Joint Foreign Chambers of the Philippines in Pasay City, Marcos said the main drivers of the inflation still came from overseas.

• Inflation hits 8 percent in November, highest since 2008 as food prices keep rising

Deputy National Statistician Divina Gracia Del Prado though noted that the main contributors to the higher inflation for the month include food and non-alcoholic beverages such as vegetables with inflation rising to 10 percent from 9.4 percent

"There is still inflation that is running rampant and out of control. We just received the poor news from the Philippine Statistics [Authority] that the November, we hit 8 percent," said Marcos.

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"The main drivers of that inflation are unfortunately imported, it is still imported inflation," he added, reiterating that he wanted to veer away from importing from other countries.

The President began his speech by saying that the economy continues to rebound from the effects of the pandemic, and that it is still on track to maintain its "strong economic performance" to achieve the growth target of 6.5 to 7.5 percent this year.

He urged business leaders to invest in the country's key sectors such as education and skills training, digitalization of processes, and research and development.

Marcos said import substitution "is still a good idea" to help manage the country's foreign exchange reserves and "keep our inflation rate down."

He said the government is committed to reviving the pandemic-hit economy through poverty reduction, job creation, and easing travel and mobility restrictions.

"Let me also underscore the government’s work to enhance ease of doing business and public-private partnerships, and improve bureaucratic efficiency through ICT development and digitalization," said Marcos.

Inflation is widely expected to remain elevated to around 5.8 percent in 2022 and 4.3 percent in 2023 before easing back within target by 2024.

— with reports from Jess Fenol, ABS-CBN News