NextGen Day

President Ferdinand R. Marcos Jr. authorized the formation of the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) to step up the government’s efforts to reduce inflation and strengthen the Philippine economy.

The National Economic and Development Authority (NEDA) and Department of Finance (DOF) secretaries will co-chair the IAC-IMO under Executive Order (EO) 28, which Marcos signed on Friday.

The IAC-IMO will have the Secretaries of the Departments of Agriculture, Trade, Energy, Science and Technology, Interior, and Local Government as members, with the Budget Secretary serving as vice chair.

The Economic Development Cluster (EDC), and the Economic Development Group (EDG), will receive advice from the IAC-IMO by EO 28.

The IAC-IMO is entrusted with keeping an eye on the primary factors causing the prices of essential products, particularly food, and energy, to rise, as well as their close sources and causes.

To allow for regular updating as new information becomes available, the EO also instructs the inter-agency committee to assess the supply-demand situation for key food commodities during the cropping period.

The IAC-IMO is also mandated to monitor the data required to analyze food prices and the supply and demand situation and examine the potential effects of natural and man-made shocks on the supply of imported food commodities.

EO 28 further requires the IAC-IMO to monitor local, international, and regional trends and issues that may impact prices and to encourage efficient and regular data sharing among involved agencies.

Based on ex-ante supply and demand analyses, the IAC-IMO is also mandated to promptly recommend actions to the EDG and other agencies to prevent price increases and advance food security.

Every quarter, or as necessary depending on the situation, the IAC-IMO shall report to the EDG on the country’s food and energy supply and demand situation and prognosis.

Recommendations for short-, medium-, and long-term actions to control inflation should be included in the report.

The IAC-IMO is tasked by EO 28 with developing and maintaining a dashboard with pertinent data on prices and the supply and demand for commodities related to food and energy.

EDC’s reorganization

In the interim, the new EO restructures and renames the EDC as the EDG to guarantee that integrating programs, operations, and goals toward sustainable economic growth remains “efficient and effective.”

The NEDA and DOF secretaries shall co-chair the EDG by EO 28.

The director of the Presidential Management Staff, as well as the secretaries of the departments of Agriculture, Budget, Energy, Information and Communications Technology, Interior and Local Government, Labor, Public Works and Highways, Science and Technology, Trade, Transportation, and Tourism, are all members of the EDG.

“Given the rising costs of essential commodities, especially food and energy resources, the establishment of an advisory body to the EDC, charged with directly addressing inflation, will strengthen the EDC and reinforce existing government initiatives aimed at enhancing the country’s economy and the standard of living of the Filipino people,” Read EO 28.

According to the EO, the EDG will harmonize, coordinate, complement, and sync activities to guarantee the nation’s quick, inclusive, and long-lasting progress.

The EDG is tasked by EO 28 with fostering an environment that will support private enterprise growth, competitiveness, and the creation of jobs that will empower people and give them opportunities to escape poverty.

To achieve food security and more fair economic growth, the EDG should also strengthen farms and rural businesses and trade policy.

While balancing the interests of farmers, consumers, and the economy, it is also intended to reduce inflation and provide food and energy security.

Additionally, it needs to conduct research and development that is pertinent to and supportive of the needs of national industries and micro, small, and medium-sized businesses.

Additionally, it is responsible for ensuring that the Filipino people receive a broad and deep distribution of economic opportunities and benefits. It also increases national productivity and competitiveness of domestic goods and services.

By EO 230, signed in 1987, EO 28 directs the EDG to defer to the NEDA Board on subjects within its primary jurisdiction and its inter-agency committees to prevent duplication of effort and forum shopping.

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