President Marcos forms inter-agency body to address inflation
Credit to Author: Helen Flores| Date: Mon, 29 May 2023 00:00:00 +0800
MANILA, Philippines — President Marcos has formed an inter-agency body tasked to rein in increases in the prices of basic commodities and electricity and strengthen anti-inflationary initiatives to improve the economy and quality of life of Filipinos, Malacañang said yesterday.
Executive Order 28 created the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), which will serve as an advisory body to the Economic Development Group (EDG) on measures that would keep inflation, particularly in food and energy, within the government’s inflation targets.
The EO also reorganizes and renames the Economic Development Cluster as the EDG since “there is a need to reorganize the EDC to ensure that the integration of programs, activities and priorities toward sustained economic growth remains efficient and effective.”
“In view of the increasing prices of key commodities, particularly food and energy resources, the creation of an advisory body to the EDC tasked to directly address inflation, strengthen the EDC, and reinforce existing government initiatives aimed to improve the economy and the quality of life of the Filipino people,” the EO read.
Marcos signed the EO on Friday, according to a statement from the Presidential Communications Office (PCO).
The National Economic and Development Authority (NEDA) will serve as IAC-IMO chair; the finance secretary as co-chair; budget secretary as vice-chair; and the secretaries of agriculture, energy, science and technology, trade, and interior as members.
Among the functions of the advisory body are to closely monitor the main drivers of inflation, particularly of food and energy, and their proximate sources and causes; assess the supply-demand situation for essential food commodities during the cropping period, and allow periodic updating as new information becomes available.
It is also tasked to assess the possible impact of natural and man-made shocks on the supply of key food commodities; and regularly monitor data necessary to assess food prices and the supply and demand situation.
IAC-IMO is also mandated to facilitate regular and efficient data sharing among concerned agencies to effect timely supply and demand situation analysis; monitor global, regional and domestic developments and issues that may affect prices, and provide timely recommendations to the EDG and relevant agencies on measures to curb price spikes and promote food security based on ex-ante supply and demand analysis.
The President likewise ordered the IAC-IMO to submit a report to the EDG of the country’s food and energy supply and demand situation and outlook every quarter, or as the circumstances may require.
The report shall include recommendations on short, medium and long-term measures to manage inflation.
Under the EO, the IAC-IMO shall also formulate and maintain a dashboard containing relevant information on prices, as well as the supply and demand for food and energy commodities.