MANILA: Philippine inflation jumped to an almost 10-year high in September, data showed Friday, putting pressure on President Rodrigo Duterte to act as the cost of food and fuel hit the country’s poor in the pocket.
Consumer prices have risen every month this year, with food surging further after Typhoon Mangkhut, the world’s most powerful storm in 2018, smashed into the country’s northern agricultural heartland in mid-September.
Increases have been powered by a collision of factors including Duterte’s massive spending on a broad infrastructure building effort, climbing oil prices and weak farm output.
Consumer price increases accelerated to 6.7 percent, from 6.4 percent in August, in the steepest climb since February 2009, the Philippine Statistics Authority said.
“We... understand that many are feeling the hit of a faster inflation rate, particularly those who toil so hard just to keep up,” Duterte’s economics team said.
The tens of millions who get by on less than $2 per day in the Philippines have been especially hard hit by the increase.
The government has boosted imports of rice, the national cereal staple, following shortages but authorities acknowledged Friday that grain prices remain “elevated” due to the typhoon.
Analyst Astro del Castillo told AFP the problem “will not be solved overnight” because some factors are beyond the government’s control, such as oil prices. Global crude prices are sitting at a four-year high around $85 and there are warnings it they could break $100.
However, del Castillo said the people expect the president to do something about it.
“You’ve seen the (opinion) surveys. The people would like inflation to be the government’s top priority,” he added.
The Philippine central bank last month jacked up key rates for the fourth time this year, while also raising its inflation targets for this year and next.
Passage of a law lifting import quotas on rice and extra imports of other food items “could lead to an earlier return of inflation to within the target range in 2019,” it added.
Analysts believe the pain may not be over yet, with interest rates expected to climb another full point in the next six months.
The Philippine peso has been hovering at 13-year lows, closing at 54.32 to the US dollar on Thursday — making imports more expensive — while the stock market has plunged about 17 percent since December, making it one of the world’s worst performers.
Pressure on Duterte as Philippine inflation jumps
Pressure on Duterte as Philippine inflation jumps
- ‘We ... understand that many are feeling the hit of a faster inflation rate, particularly those who toil so hard just to keep up’
- ‘You’ve seen the (opinion) surveys. The people would like inflation to be the government’s top priority’
CoMotion Global 2025 in Riyadh discusses trends in electric vehicles
RIYADH: The Global CoMotion Summit, CoMotion Global 2025, in Riyadh, is examining the latest trends in electric vehicles, autonomous mobility, artificial intelligence in transportation, smart city solutions, and future supply chains.
The summit, hosted by the Saudi Conventions and Exhibitions General Authority, commenced on Dec. 7 in the Saudi capital, highlighting the major transformations witnessed in global cities due to the rapid growth of urban technologies and Saudi Arabia’s role in this sector, according to Al-Eqtisadiah.
This specialized international summit focuses on the future of urban mobility and smart cities, bringing together an elite group of decision-makers, leaders from the public and private sectors, experts, investors, and innovators from around the world.
What are the main objectives of the Global CoMotion Summit?
The summit is being held from Dec. 7 to 9 in Riyadh, further cementing its position as a global center for urban innovation and future technologies.
This is thanks to the extensive transformations it is witnessing, integrating the efforts of the summit’s strategic partners, including multiple ministries and government entities.
Together, they are establishing a national system to push forward the development and on-the-ground application of advanced mobility solutions.
The summit’s work began with an opening session attended by Fahd Al-Rasheed, the chairman of the Board of Directors of SCEGA and the Saudi lead for the Urban 20 initiative, and Rumaih Al-Rumaih, the deputy minister of Transport and Logistic Services, and acting president of Transport General Authority.
They reviewed the features of new transformations in urban transport systems and the future of innovation in the sector.
The founder and CEO of CoMotion, John Rossant, said: “Riyadh hosting this edition of the Global CoMotion Summit makes it an exceptional edition, due to the high-level participation it witnesses, including ministers, city leaders, and prominent creative technologists. This sends a clear message that the next decade of transformation in the mobility sector will be shaped on an unprecedented level to redefine the concept of future cities.”
The summit also features the participation of a number of leading global companies in the mobility sector, including Uber, Door to Door, Budget Saudi Arabia, and Changan Almajdouie. They will showcase the latest technologies and solutions in electric vehicles and smart services, reflecting the Kingdom’s rapid adoption of clean, advanced technologies.
The event’s program also includes a series of interactive mobility labs, the launch of the first edition of the “CoMotion City Pioneers Award,” and the inauguration of the “Mayors in Motion” initiative, aimed at enhancing international cooperation in urban innovation, advanced infrastructure, and sustainable mobility.
Showcasing major development projects in Saudi Arabia
In addition, the gathering will highlight the most prominent development projects in Saudi Arabia, including the Riyadh Metro project, models for developing local electric vehicle manufacturing, and the Kingdom’s preparations to host Expo 2030 and the FIFA World Cup 2034, and their role in enhancing future transport infrastructure.
It will also showcase global experiences from Africa, China, and North America, with discussions on the future of conscious cities and the use of smart technologies in managing urban mobility.
Hosting the Global CoMotion Summit 2025 is part of Saudi Arabia’s ongoing efforts to enhance its position in building smarter and more sustainable future cities and driving innovation in the urban transport sector, in line with the objectives of Saudi Vision 2030.
