President Ferdinand R. Marcos, Jr. has approved the creation of the Interagency Committee on Inflation and Market Outlook and the Economic Development Group to address poverty and inflation in the country, Socioeconomic planning Secretary Arsenio Balisacan announced on Tuesday.
“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 address 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,” Balisacan said in a statement.
The Marcos administration, he said, is also committed to ensure that the country remains on track to meet its poverty reduction targets for the medium term.
Balisacan, who heads the National Economic and Development Authority (NEDA), said the Interagency Committee on Inflation and Market Outlook will serve as an advisory body to the President and the Cabinet on measures to mitigate inflation and ensure food and energy security, while balancing the interests of local food producers, consumers, and the overall economy.
NEDA and the Department of Finance (DOF) recommended the creation of the committee during the sectoral meeting with the President to respond to this year’s challenges regarding “relatively high level of inflation.”
The interagency committee is co-chaired by the NEDA and DOF, with the Department of Budget and Management (DBM) acting as the vice chairperson.
The committee will also be composed of 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).
The Philippine Statistics Authority (PSA), Bangko Sentral ng Pilipinas (BSP) and the Philippine Competition Commission (PCC) will serve as the committee’s resource institutions.
The advisory body will closely monitor inflation, facilitate regular and efficient data-sharing among concerned agencies, assess energy and food supply-demand situation, provide the President and relevant agencies timely recommendations on measures to curb possible price spikes and promote food and energy security.
It will also continuously monitor global and regional developments and issues that may affect commodity prices and submit a quarterly report to the President on food and energy supply-demand situation and outlook for the country.
On the other hand, the Economic Development Group, co-chaired by NEDA and DOF, will assist the Executive Department in harmonizing, coordinating, complementing, and synergizing the efforts that will ensure the country’s rapid, inclusive, and sustained growth, Balisacan said.
It will be composed of the Presidential Management Staff (PMS), Department of Public Works and Highways (DPWH), Department of Transportation (DOTr), Department of Labor and Employment (DOLE), Department of Information and Communications Technology (DICT), Department of Tourism (DOT), DTI, DBM, DA, DOE, DOST and DILG. (PND)
