President Ferdinand Marcos Jr. has issued an executive order on forming an inter-agency committee, which will address inflation and boost the country’s economy, the Presidential Communications Office said on Sunday. | FArgosinoINQ
The IAC-IMO will comprise the National Economic and Development Authority secretary as chair; the Finance secretary as co-chair; the Budget secretary as vice-chair; and Agriculture, Energy, Science and Technology, Trade, and Interior secretaries as members.
“Among the functions of the advisory body are to 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; and regularly monitor data necessary to assess food prices and the supply...
The PCO said that the IAC-IMO will conduct data sharing among concerned government 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.
It added that the IAC-IMO must also submit a report of the country’s food and energy supply and demand situation and outlook every quarter to the EDG, with recommendations on short, medium, and long-term measures to manage inflation. “The EDG shall be responsible for harmonizing, coordinating, complementing, and synergizing efforts to ensure the country’s rapid, inclusive, and sustained growth,” the EO reads.
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