Philippine President Ferdinand Marcos Jr. has ordered the creation of the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) tasked to directly address inflation and enhance initiatives to improve the economy and the quality of life of Filipinos.
Under Executive Order (EO) No. 28, signed by Marcos on Friday, the IAC-EMO shall serve as an advisory body to the Economic Development Group (EDG) on measures that would keep inflation, particularly of food and energy, within the government’s inflation targets.
“In view of the increasing prices of key commodities, particularly food and energy resources, the creation of an advisory body to the EDC (Economic Development Cluster), 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,” the EO stated.
The IAC-IMO will be composed of the National Economic and Development Authority Secretary as Chair; Finance Secretary as Co-Chair; Budget Secretary as Vice-Chair; and the secretaries of Agriculture, Energy, Science and Technology, Trade, and Interior 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 and demand situation.
Moreover, the EO states that the EDG shall be responsible for harmonizing, coordinating, complementing, and synergizing efforts to ensure the country’s rapid, inclusive, and sustained growth.
