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Marcos creates inter-agency body on inflation, market outlook

by Carl Santos

President Ferdinand Marcos Jr. has ordered the creation of an inter-agency body tasked with directly addressing inflation and enhancing initiatives to improve the economy and the quality of life of Filipinos.

Signed on May 26, Executive Order 28 mandates the establishment of the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) headed by the National Economic and Development Authority (NEDA) Secretary, with the Finance Secretary as co-chair and the Budget Secretary as vice chair.

Its members are the secretaries of Agriculture, Energy, Science and Technology, Trade, and Interior. 

“In view of the increasing prices of key commodities, particularly food and energy resources, the creation of an advisory body to the EDC (Economic Development Group), tasked to directly address inflation, will strengthen the EDC (Economic Development Cluster), and reinforce existing government initiatives aimed to improve the economy and the quality of life of the Filipino people,” the EO stated. 

The functions of the IAC-IMO include the following: 

  • Closely monitor the main drivers of inflation, particularly food and energy, and their proximate sources and causes;
  • Assess the supply-demand situation for essential food commodities during the cropping period, allowing periodic updating as new information becomes available; 
  • Assess the possible impact of natural and man-made shocks on the supply of key food commodities; 
  • Regularly monitor data necessary to assess food prices and the supply and demand situation;
  • 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 IAC-IMO must 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 contain recommendations on short, medium, and long-term measures to manage inflation.

It shall also formulate and maintain a dashboard containing relevant information on prices, as well as the supply and demand for food and energy commodities.

Among the functions of the EDG are to promote an environment conducive to the growth and competitiveness of private enterprises and the creation of jobs that will empower people and provide them with opportunities to rise above poverty; improve farms and rural enterprises, as well as trade policies vital to achieve food security and more equitable economic growth; mitigate inflation and ensure food and energy security, while balancing the interests of producers, consumers, and the economy.

The EDG is composed of the Finance Secretary as chair; NEDA as co-chair; and the head of Presidential Management Staff; and the secretaries of Agriculture, Budget, Energy, Information and Communications Technology, Interior, Labor, Public Works, Science and Technology, Trade, Transportation, and Tourism as members.

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