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Philippine President Ferdinand Marcos Jr. Image Credit: AP

Philippine President Ferdinand Marcos Jr. adopted a rolling-store project implemented during his father's term, as the nation grapples with its fastest inflation in nearly 14 years.

Marcos led Wednesday's launch of the Kadiwa rolling-store system intended to slash rice prices and help tame inflation by buying directly from suppliers. The stores sell rice at 25 pesos a kilo, compared with 38-50 pesos a kilo for those sold in public markets.

The program was introduced during the term of the president's father, the late dictator Ferdinand Marcos, and was designed to sell food and other essential items in poorer communities at subsidized prices. It was shut down in 1985 or a year before his ouster amid a shortage of prime commodities and foreign exchange. The project was also implemented during Rodrigo Duterte's presidency.

The government will expand the program nationwide, Marcos Jr. said Wednesday following the opening of 14 stores. The central bank has repeatedly urged non-monetary measures from the government to cushion inflation's impact on consumers, while standing ready to further increase its key interest rate.