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The establishment of the Interagency Committee on Inflation and Market Outlook, which would advise the Chief Executive and his Cabinet on how to battle inflation, has been approved by President Ferdinand R. Marcos Jr. and has been welcomed by the Makati Business Club (MBC).

In a statement, MBC executive director Francisco Alcuaz Jr. said, “We appreciate the government for adopting this highly proactive action to strategize against inflation.

Arsenio Balisacan, secretary of the National Economic and Development Authority (NEDA), said on Tuesday that Marcos had given his approval for the establishment of the high-level interagency advisory group, which will assist the President and the Cabinet in reducing the effects of the recent rise in the cost of goods and services the nation has been experiencing.

The Philippine Statistical Authority (PSA) said that February inflation remained high despite dropping from 8.7 percent in January 2023 to 8.6 percent in February.

The largest headwind endangering our recovery, job creation, and standard of living, according to Alcuaz, is inflation—some global, some local.

The Department of Budget and Management will serve as vice chair of the interagency committee, which will be jointly led by the NEDA and the Department of Finance.

The Philippine Statistics Authority (PSA), Bangko Sentral ng Pilipinas (BSP), and Philippine Competition Commission (PCC) will serve as the advisory group’s resource institutions, along with the Departments of Agriculture (DA), Trade and Industry (DTI), Energy (DOE), Science and Technology (DOST), and Interior and Local Government (DILG).

Alcuaz continued, “For the government to organize its heavy weaponry to battle it (inflation) is a confidence booster.

According to the MBC, the organization has confidence that the new advisory council would not only handle supply and logistics problems but will also offer solutions to stop unethical and unlawful profiteering.

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