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Philippines Creates Interagency Committee to Combat Inflation

Marcos Jr. approved the establishment of a high-level inter-agency advisory body called the Interagency Committee on Inflation and Market Outlook.

Philippines Creates Interagency Committee to Combat Inflation

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  • President Ferdinand Marcos Jr. has approved the creation of a high-level inter-agency advisory body called the Interagency Committee on Inflation and Market Outlook to combat surging inflation, mitigate its effects, and ensure food and energy security in the Philippines.
  • The Interagency Committee on Inflation and Market Outlook will be co-chaired by NEDA and DOF, with DBM as vice chair, and will include other government agencies and resource institutions.
  • The Interagency Committee on Inflation and Market Outlook will be co-chaired by NEDA and DOF, with DBM as vice chair, and will include other government agencies and resource institutions.

To combat the still surging inflation and mitigate its effects as well as to ensure food and energy security, President Ferdinand R. Marcos Jr. approved the establishment of a high-level inter-agency advisory body. The committee will be called the Interagency Committee on Inflation and Market Outlook.

“This newly formed committee shall serve as an advisory body to the President and the Cabinet on measure to mitigate inflation and ensure food and energy security while balancing the interests of local food producers, consumers, and the overall economy,” shared National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.

Balisacan said the interagency committee will be co-chaired by NEDA and the Department of Finance (DOF). While the Department of Budget and Management (DBM) will be the committee’s vice chair.

“With NEDA and DOF sitting as co-chairs, the group will assist the Executive Department in harmonizing, coordinating, complementing, and synergizing the efforts that will ensure the country’s rapid, inclusive, and sustained growth,” he added.

Aside from the abovementioned government agencies, the Department of Agriculture (DA), Department of Trade and Industry (DTI), Department of Energy (DOE), Department of Science and Technology (DOST), and Department of the Interior and Local Government (DILG) are also part of the committee to be the advisory body to the President.

Further, the interagency task force will also have the Philippine Statistics Authority (PSA), Bangko Sentral ng Pilipinas (BSP) and Philippine Competition Commission (PCC) as its resource institutions.

“The advisory body will lead the close monitoring of inflation (particularly on food and energy and their main drivers and causes), facilitate regular and efficient data-sharing among concerned agencies, assess the supply-demand situation for energy and essential food commodities, provide forward estimates given various scenarios, and provide timely recommendations to the President and relevant agencies on measures to curb possible price spikes and promote food and energy security,” Balisacan added.

The committee is also mandated to closely monitor global and regional developments and issues that may affect local commodity prices. To ensure that the president is up to date with the country’s food and energy supply-demand situation, the Interagency Committee on Inflation and Market Outlook will be reporting to him on a quarterly basis.

“Recent data on economic and labor market performance indicate a robust and sustained recovery, especially with the reopening of the economy and strong consumer demand. However, foremost among our challenges this year is the relatively high level of inflation,” Balisacan said.

In January, Philippine Statistics Authority (PSA) reported that the inflation rate in the Philippines has accelerated to 8.7% from December 2022’s 8.1% —the highest annual rate recorded since November 2008. Although it went down to just 8.6% last month, the numbers are still relatively high. (Read more: TO THE MOON? PH Inflation Rate Reaches 8.7% for January 2023, Highest Since 2008)

On the other hand, Balisacan said Marcos also approved the establishment of the Economic Development Group–with members including the heads of the Presidential Management Staff, DTI, DBM, DA, DOE, DOST, DILG, Department of Public Works and Highways, Department of Transportation, Department of Information and Communications Technology, Department of Tourism and Department of Labor and Employment.

“With the creation of the Interagency Committee on Inflation and Market Outlook and the Economic Development Group, the Marcos Administration’s Economic Team is committed to directly addressing the root causes of high food prices to ensure food security, protect the purchasing power of Filipinos – especially that of the poor and vulnerable sectors – in the short term and is committed to ensure that our country remains on track to meet our poverty reduction targets for the medium term,” the NEDA secretary added. 

This article is published on BitPinas: Philippines Creates Interagency Committee to Combat Inflation

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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