Starbucks Philippines said Wednesday it raised beverage prices by P5 per cup starting Sept. 13, citing the need to "properly balance" its finances to stay open. It did not elaborate.
"We remain committed to providing value to customers in meaningful ways through special promotions and our Starbucks Rewards loyalty program," Starbucks Philippines said in a statement sent to Reportr by David San Jose, media relations manager at Bates CHI.
READ: What is Inflation? Here's a Nosebleed-Free Explainer
The Philippines has been grappling with record high inflation and shortages in sugar, flour and white onions that have hit Coke, Pepsi, RC Cola and Burker King, among others.
MORE EXPLAINERS:
LIST: Food, Restaurant Favorites Hit by Shortage
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'Inflation Made Me Give Up Budol, Food Delivery and Simple Joys'
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