Senate President Vicente Sotto III said on Saturday that the country should raise its interest rates amid rising prices of goods and commodities.

In a radio interview, Sotto, a former comedian, said that this was the “solution” to high inflation.

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He said investors worldwide flocked to the United States after Washington raised its interest rates because this meant more earnings for their investments.

“So the solution is for us to raise our interest rates,” Sotto said, adding that he heard from banks that the Bangko Sentral ng Pilipinas would take action on this.

He said people should not blame the Tax Reform for Acceleration and Inclusion Act for the rising prices of basic goods and commodities. —Christine O. Avendaño

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