PBBM establishes inter-agency committee to tackle Inflation

PBBM establishes inter-agency committee to tackle Inflation

President Ferdinand R. Marcos Jr. issues Executive Order No. 28, forming the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) to address inflation concerns. Photo: PIA

NATION – President Ferdinand "Bongbong" R. Marcos Jr. issued Executive Order (EO) No. 28 on May 26, 2023, establishing the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) to address inflation concerns and maintain stable market conditions. 

This committee will be pivotal in advising the newly renamed Economic Development Group (EDG) on measures to align inflation rates with the government's targets, particularly focusing on the food and energy sectors.

As part of the government's efforts to enhance economic growth and efficiency, the Economic Development Cluster (EDC) has been renamed the Economic Development Group (EDG). The name change reflects the group's commitment to streamlining programs, activities, and priorities to ensure sustained economic growth across various sectors.

The EDG will be responsible for harmonizing, coordinating, complementing, and synergizing efforts to achieve rapid, inclusive, and sustained growth in the country. With its renewed mandate, the group aims to propel the nation's economic development while fostering collaboration among key stakeholders.

Taking center stage in the fight against inflation, the newly formed IAC-IMO will be chaired by the National Economic and Development Authority (NEDA), co-chaired by the Department of Finance (DOF), and vice-chaired by the Department of Budget and Management (DBM). 

Other participating agencies include the Departments of Agriculture (DA), Energy (DOE), Science and Technology (DOST), Trade and Industry (DTI), and Interior and Local Government (DILG). The Department of Finance will also act as the Secretariat for the committee, facilitating seamless coordination among the members.

The committee's core responsibilities include monitoring the primary factors driving inflation, assessing the supply-demand situation for essential food commodities, evaluating the potential impact of natural and man-made shocks on key food supplies, monitoring data crucial for assessing food prices and supply-demand dynamics, promoting efficient data sharing among relevant agencies, and monitoring global, regional, and domestic developments and issues.

Under the authority granted by the EO, the IAC-IMO is empowered to call upon any government department, agency, bureau, office, local government unit (LGU), and even representatives from the private sector to provide assistance in achieving the committee's objectives. 

This collaborative approach ensures that all relevant stakeholders are actively involved in addressing inflation and market challenges. (Source: PIA)

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