Marcos signs order creating advisory body on inflation

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Metro Manila (CNN Philippines, May 28) — President Ferdinand Marcos Jr. has signed an executive order (EO) creating an inter-agency advisory committee that will "closely monitor" inflation and keep it within government targets.

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Signed on May 26 and published on the Official Gazette website two days later, EO No. 28 formalized Finance Secretary Benjamin Diokno’s proposal to form the Inter-Agency Committee on Inflation and Market Outlook.

"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 order read.

The committee is tasked to provide assessments on food prices, and the supply-demand situation for essential food products during the cropping period and when it is impacted by natural and man-made shocks. Some of the data it will regularly monitor are from geospatial, climate, and satellite technology.

It will recommend to the EDC—renamed as the Economic Development Group (EDG) as per the EO—measures to "curb price spikes and promote food security based on ex-ante supply and demand analysis (e.g., timely importation)."

The committee is also tasked to submit quarterly reports to the EDG and to create a dashboard containing information on prices and supply and demand for food and energy commodities.

The committee is led by Diokno, Socioeconomic Planning Secretary Arsenio Balisacan, and Budget Secretary Amenah Pangandaman. The members will come from the Agriculture, Energy, Science and Technology, Trade and Industry, and the Interior and Local Government departments.