Economic managers crafting EO to tame inflation

Updated (3:35 p.m.)

Malacañang on Wednesday said that President Rodrigo Duterte’s economic managers would submit a draft executive order (EO) to ease inflation.

The EO, according to Presidential Spokesperson Harry Roque, seeks to remove “administrative constraints and non-tariff barriers” in the importation of rice, meat, sugar and vegetables.

Roque added that the Economic Cluster Group would submit to the Office of the President a draft executive.

The move, according to Roque, would ease the process of importing food products.

During the monthly Cabinet meeting late Tuesday, Roque said the economic managers submitted proposals to tame inflation.

Among these proposals tackled include streamlining the importation and release to the market of basic food items, he said.

Data released by Philippine Statistics Authority (PSA) early this month showed inflation clocked in at 6.4 percent in August, the fastest in over nine years since inflation hit 6.6 percent in March 2009.

READ: Inflation hits new 9-year high of 6.4% in August

Duterte’s economic managers attributed the inflation spike to the increase in prices of fuel, rice, fish and vegetables. /ee