Philippines to Expect Further Oil Price Cuts, Says Economist

MANILA — The price of oil in the world market has dropped to $75 to $76 per barrel from a high of $82, said Michael Ricafort, chief economist of RCBC.“Malaki po yung roll back na aasahan natin sa mga dadating na araw kasi malaki yung binagsak ng presyo ng langis,” he said.He also said that economic growth could have reached 6 to 7 percent in the third quarter of 2023 had the country been able to tame rice prices in the first half of the year.

He said that investigations showed that prices could have skyrocketed due to an artificial shortage caused by smugglers. “Iyong mandated price ceiling iyong as per Executive Order 38, nagkaroon iyan ng epekto sa mga huling bahagi ng buwan ng Setyembre going to the month of October,” Agriculture Assistant Secretary Arnel De Mesa told state television PTV.“So kaya nakita natin dito sa resulta ng inflation — in particular, in food inflation — ng bigas ay malaki ang binaba,” he said.

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