MANILA - Finance Secretary Benjamin Diokno on Tuesday said the government has deployed a number of measures to reduce the impact of surging inflation on the most vulnerable sectors.
Inflation in November hit 8 percent, or double the upper limit of the government's 2 to 4 percent target range. It is also the highest in 14 years or since November 2008.
The government is implementing "monetary and fiscal measures in careful balance to control inflation without stalling growth," Diokno said in a video message at the Arangkada Philippines Forum of the Joint Foreign Chambers of Commerce in the Philippines.
Targetted support is being provided to vulnerable sectors. The government is also boosting domestic food production and continuing the importation of key commodities to address supply-side challenges, the Finance chief said.
He added that the government is also securing adequate power supply and ensuring an uninterrupted flow of goods down to the regions.
"Inflation remains to be a top concern of our citizens. This is why I've made our top priority to reduce the impact of rising commodity prices on the most vulnerable," said Diokno.
The Development Budget Coordination Committee on Monday raised its average inflation forecast for 2022 to 5.8 percent from 4.5 to 5.5 percent.