Marcos Forms Inter-Agency Committee to Tackle Inflation, Boost Economy

There’s a new committee in town to monitor key drivers of rising prices and provide recommendations for economic stability.

President Ferdinand R. Marcos Jr. has issued Executive Order (EO) 28, establishing the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) in a bid to address inflation concerns and further bolster the Philippine economy.

The IAC-IMO, which will operate under the newly renamed Economic Development Group (EDG), will be co-chaired by the secretaries of the National Economic and Development Authority (NEDA) and the Department of Finance (DOF).

Moreover, the committee will feature multiple departments, as representatives from the Agriculture, Trade, Energy, Science and Technology, and Interior and Local Government departments will be members of the committee, and will be vice-chaired by the Budget secretary.

According to EO 28, the IAC-IMO’s primary role is to monitor the main factors contributing to the rise in prices, particularly for essential goods such as food and energy.

Furthermore, the committee will also analyze the sources and causes of inflation and assess the supply-demand situation for key food commodities, providing updated information as necessary.

The IAC-IMO will also be tasked to evaluate the potential impact of natural disasters and other disruptions on the supply of crucial food items while monitoring data related to food prices and supply-demand dynamics.

Efficient data sharing among concerned agencies will be facilitated to ensure timely analysis of supply and demand conditions. The committee will also monitor global, regional, and domestic developments that may affect prices.

Part of the key responsibilities of the IAC-IMO is to offer timely recommendations to the EDG and relevant agencies on measures to mitigate price spikes and promote food security based on comprehensive supply and demand analysis.

Moreover, the committee will submit quarterly reports to the EDG, presenting the country’s food and energy supply-demand situation and outlook, along with short, medium, and long-term measures to manage inflation.

To support its operations, the IAC-IMO will create and maintain a dashboard that contains relevant information on prices, as well as the supply and demand for food and energy commodities. (GFB)