Marcos creates Inter-Agency Committee on Inflation and Market Outlook

President Ferdinand Marcos Jr. (Photo from Bongbong Marcos Facebook)
President Ferdinand Marcos Jr. (Photo from Bongbong Marcos Facebook)

PRESIDENT Ferdinand “Bongbong” Marcos Jr. has signed an Executive Order (EO) for the creation of an Inter-Agency Committee for the implementation of initiatives aimed at addressing the inflation, improving economy and elevating the quality of life of Filipinos.

Marcos signed EO No. 28 on Friday, May 26, 2023, renaming the Economic Development Cluster (EDC) as the Economic Development Group (EDG) and reorganizing it “to ensure that the integration of programs, activities, and priorities toward sustained economic growth remains efficient and effective.”.

He said the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) will serve as an advisory body to EDG on measures that would keep inflation, particularly of food and energy, within the government’s inflation targets.

Marcos said the IAC-IMO will strengthen the EDG and reinforce its existing initiatives in improving the country’s economy for the benefit of the Filipino people.

The committee will be chaired by the secretary of the National Economic and Development Authority (NEDA) while the secretary of the Department of Finance as co-chair and budget secretary as vice-chair.

Among the members were the secretaries of agriculture, energy, science and technology, trade, and interior and local government.

Among the functions of the committee are:

*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 advisory council is required to submit a report, including recommendations on short-, medium- and long-term measures to manage inflation, to the EDG on the country’s food and energy supply and demand situation and outlook every quarter, or as the circumstances may require.

The order also requires the IAC-IMO to come up with a dash board where relevant information on prices and supply and demand for food and energy commodities will be stored and shown.

The EDG on the other hand is responsible for harmonizing, coordinating, complementing, and synergizing efforts to ensure the country’s rapid, inclusive, and sustained growth.

Among the functions of the EDG which are composed of the Finance Secretary as Chair; NEDA as Co-Chair; and the Head of Presidential Management Staff; secretaries of Agriculture, Budget, Energy, Information and Communications Technology, Interior, Labor, Public Workers, Science and Technology, Trade, Transportation, and Tourism as members are:

*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 achieving 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

*undertake research and development that are relevant to and supportive of the requirements of micro, small, and medium scale enterprises and for national industries;

*improve national productivity and competitiveness of domestic products and services; and

*ensure deep and wide distribution of economic opportunities and benefits to the Filipino people.

To avoid duplication of efforts and “forum shopping,” the EO stated the EDG shall defer to the NEDA Board on matters within its primary purview and its inter-agency committees, pursuant to EO No. 230 series of 1987. (SunStar Philippines)


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