MANILA, Philippines, June 13, 2022 /PRNewswire/ -- Inflation in the Philippines rose further from 4.9 percent in April 2022 to 5.4 percent in May 2022 compared to the 2.9% from January 2022. This rapid increase is unusual compared to the yearly 3.9 % and poses a risk to consumer's spending behavior. The inflation rate forecast by Bangko Sentral ng Pilipinas' (BSP) of 5.0 to 5.8 percent for the month is within the range as predicted.

The National Economic and Development Authority (NEDA) of the Philippines highlights the issuance of Executive Order (EO) No. 171 and the government's fuel subsidy program in helping to ease the impact of global inflationary pressures. Even though drastic measures are taken it seems that there has been a sharp increase in Overseas Filipino Workers (OFWs) seeking work and greener pastures abroad since Jan 2022.

Socioeconomic Planning Secretary Karl Kendrick T. Chua said: "The Russia-Ukraine conflict has disrupted the global supply chain and elevated commodity prices, particularly for fuel. We have seen how a single crisis can set us back, so the Duterte administration has pursued both short- and long-term interventions to increase the resilience of our domestic economy against external shocks."