Claim: Philippine Inflation Rate rises to 6.1%
Rating: TRUE
The Facts: The ‘Bangko Sentral ng Pilipinas’ (BSP) released a statement reporting the 6.1% inflation rate for June 2022. This was the highest percentage since 2018 compared to the 5.8% during October of 2018, as well as the 5.4% rate during May the previous year. These rates exceeded the target range of the BSP which is only 2-4%.
Inflation is described by Forbes Advisor as “the gradual rise in prices and slow decline in purchasing power of your money over time.” This means that the higher the percentage of inflation, the higher the prices of commodities.
On July 5, newly elected president BongBong Marcos Jr. said that he disagrees with this statistic, saying that he doesn’t believe that the rates are that high. He gave no specific action on mitigating this issue aside from saying that he aims to control this rising inflation rate by raising interest rates.
Why we fact-checked this: The facts presented by BSP would result in higher prices of commodities and fuel. These issues should be addressed since a lot of citizens will be affected negatively by this inflation. One cannot just simply disagree and ignore scientific data, even if you are the president.
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