President Ferdinand Marcos Jr. FILE PHOTO
MANILA, Philippines — President Ferdinand Marcos Jr. has issued an executive order (EO) on the formation of an inter-agency committee, which will be tasked to address inflation and boost the country’s economy, the Presidential Communications Office (PCO) said on Sunday.
According to PCO, Marcos signed EO No. 28 last May 26, stating that the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) will be the Economic Development Group’s (EDG) advisory body “on measures that would keep inflation, particularly of food and energy, within the government’s inflation targets.”
The EO will also reorganize and rename the Economic Development Cluster (EDC) to EDG “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, will strengthen the EDC, and reinforce existing government initiatives aimed to improve the economy and the quality of life of the Filipino people,” the EO reads.
The IAC-IMO will comprise the National Economic and Development Authority (NEDA) secretary as chair; the Finance secretary as co-chair; the Budget secretary as vice-chair; and Agriculture, Energy, Science and Technology, Trade, and Interior secretaries as members.
“Among the functions of the advisory body are to 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; and regularly monitor data necessary to assess food prices and the supply and demand situation,” the PCO said in a statement.
The PCO said that the IAC-IMO will conduct data sharing among concerned government 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.”
It added that the IAC-IMO must also submit a report of the country’s food and energy supply and demand situation and outlook every quarter to the EDG, with recommendations on short, medium, and long-term measures to manage inflation.
“The EDG shall be responsible for harmonizing, coordinating, complementing, and synergizing efforts to ensure the country’s rapid, inclusive, and sustained growth,” the EO reads.
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