Marcos signs executive order creating inter-agency committee on inflation

Raffy Cabristante, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="A produce vendor attends to the store’s inventory of both local and imported onions at a public market in Marikina City on January 25, 2023. Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/news/02/07/inflation.jpg"/><figcaption>A produce vendor attends to the store’s inventory of both local and imported onions at a public market in Marikina City on January 25, 2023. Jonathan Cellona, ABS-CBN News</figcaption></figure></div>MANILA — President Ferdinand Marcos Jr. signed on Friday an executive order creating the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO). Aside from dealing with inflation, the body is also mandated to &quot;enhance initiatives to improve the economy and the quality of life of Filipinos,&quot; Malacanang Palace said. The committee would serve as the advisory body to the renamed Economic Development Group (EDG)—formerly the Economic Development Cluster (EDC)—on measures to keep inflation, particularly that of food and energy, within government targets.“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,” Marcos&#x27; <a href="https://www.officialgazette.gov.ph/downloads/2023/05may/20230526-EO-28-FRM.pdf">Executive Order No. 28</a> read.Among the body&#x27;s mandated functions are as follows:<ul>	<li>Closely monitor the main drivers of inflation, particularly food and energy, and their possible sources and causes;</li>	<li>Assess the supply-demand situation for essential food commodities during the cropping period;</li>	<li>Assess the possible impact of natural and man-made shocks on the supply of key food commodities; </li>	<li>Monitor global, regional, and domestic developments and issues that may affect prices; and</li>	<li>Provide timely recommendations to the EDG and relevant agencies on measures to curb price spikes and promote food security.</li></ul>Marcos also ordered the body to regularly submit a report to the EDG on the Philippines&#x27; food and energy supply and demand situation and outlook every quarter, including recommendations on short, medium, and long-term measures to manage inflation.The body will also create and maintain a dashboard containing relevant information on prices, as well as the supply and demand for food and energy commodities.The IAC-IMO will be composed of the National Economic and Development Authority (NEDA) Secretary as chair, the Finance Secretary as co-chair, the Budget Secretary as vice-chair; and the secretaries of agriculture, energy, science and technology, trade, and interior and local government as members.In the same executive order, Marcos also ordered the renaming of EDC to EDG, saying there was a need to reorganize the body to ensure that &quot;the integration of programs, activities, and priorities toward sustained economic growth remains efficient and effective.&quot;The EDG, Marcos&#x27; order read, will be responsible for &quot;harmonizing, coordinating, complementing, and synergizing efforts to ensure the country’s rapid, inclusive, and sustained growth.&quot;In March, Finance Secretary Benjamin Diokno said the inter-agency committee would be chaired by him and the Socioeconomic Planning Secretary.Officials of the Agriculture, Trade, Energy, Science, and Interior and Local Government departments will also be part of the committee. The Committee was created to address wrong importation calls, Diokno said.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/03/07/23/govt-creates-cabinet-level-panel-on-inflation-importation">Gov’t creates Cabinet-level panel on inflation, importation</a></li></ul>Rising costs is among the problems that have hounded the Marcos administration since the President assumed office June last year.Inflation rose <a href="https://news.abs-cbn.com/business/05/05/23/inflation-eases-further-to-66-percent-in-april">fell</a> for the third straight month to 6.6 percent in April, after hitting a 14-year high in January 2023. However, the consumer price index (CPI) remains above the government&#x27;s 2 to 4 percent target.A Pulse Asia survey released last April showed that more than half of Filipinos did not approve of Marcos&#x27; handling of the country&#x27;s inflation problem.The pollster said 52 percent of Filipinos disapproved of how Marcos has handled inflation, while only 25 percent approve of the government’s response to rising consumer prices. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/04/12/23/marcos-admin-scores-lowest-on-fighting-inflation-survey">Marcos admin scores lowest on fighting inflation: survey</a></li></ul>Last November, Marcos himself said that the country&#x27;s inflation was &quot;<a href="https://news.abs-cbn.com/business/12/06/22/inflation-rampant-and-out-of-control-marcos">rampant&quot; and &quot;out of control</a>&quot; after the inflation rate quickened to 8 percent that month.He also admitted that he had been &quot;<a href="https://news.abs-cbn.com/news/01/23/23/marcos-jr-says-losing-sleep-over-ph-inflation">losing sleep</a>&quot; in creating ways on how to bring down inflation. <div>FROM THE ARCHIVES:</div><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/P2_SX99QPDs?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

President Marcos Jr. has ordered the creation of a body to directly address inflation, an issue that has hounded his administration since last year.

Marcos signs executive order creating inter-agency committee on inflation | ABS-CBN

Entertainment

News

Metro.Style

Sports

More

Business

Marcos signs executive order creating inter-agency committee on inflation

Marcos signs executive order creating inter-agency committee on inflation

Raffy Cabristante,

ABS-CBN News

Published May 28, 2023 04:08 PM PHT

|

Updated Jun 21, 2023 04:08 PM PHT

Read More:

Ferdinand Marcos Jr.

inflation

Malacañang

supply and demand

Philippine economy

Philippines

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

Terms of Service

Advertise with Us

© 2024 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Advertise with Us

Privacy Policy

Terms of Service

© 2024 ABS-CBN Corporation. All Rights Reserved.