Diokno proposes establishment of permanent task force vs inflation

Metro Manila (CNN Philippines, March 7) — Finance Secretary Benjamin Diokno proposed to President Ferdinand Marcos Jr. the creation of a high-level inter-agency committee that could provide "early warning systems" on the supply and demand condition of the Philippines.

During a Palace briefing, Diokno said Marcos needs to form a group to be called Inter-agency Committee on Inflation and Market Outlook.

"Ang trabaho nito is to come up with a demand and supply situation, and we will report to the president on a monthly basis kung ano ang sitwasyon, kung kelangan mag angkat, magaangkat tayo. So hindi na ad hoc ang desisyon kung kelangan mag import," he said.

[Translation: Its job is to come up with a demand and supply situation, and we will report to the president on a monthly basis what the situation is, if we need to import, we can import. So the decision on whether to import is no longer ad hoc.]

He noted that this would be a "permanent" committee.

The finance chief said establishing this inter-agency body could avoid ill-timed importation of agricultural products. He added that the committee would take advantage of satellite technology to monitor production and natural disasters.

"So dapat talaga ifoforecast mo (this should be forecasted), there should be a scientific, science-based forecast," he added.

The interagency would be led by Diokno, National Economic and Development Authority Secretary Arsenio Balisacan, and Department of Budget and Management Secretary Amenah Pangandaman. Its members will come from the Department of Trade and Industry, the Department of the Interior and Local Government, and the Department of Science and Technology.

Diokno aired his proposal hours after the Philippine Statistics Authority reported that inflation slightly eased to 8.6% last month from January's 8.7%.