President Ferdinand R. Marcos Jr. has approved the creation of a high-level inter-agency advisory body to mitigate inflation and ensure food and energy security, according to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
The Philippine Statistics Authority (PSA) reported inflation in February 2023 remained elevated at 8.6 percent despite slightly easing from 8.7 percent in January this year.
Balisacan said the advisory body will be called Interagency Committee on Inflation and Market Outlook.
“This newly formed committee shall serve as an advisory body to the President and the Cabinet on measure to mitigate inflation and ensure food and energy security while balancing the interests of local food producers, consumers, and the overall economy,” he said in a statement Tuesday.
The interagency committee will be co-chaired by NEDA and the Department of Finance (DOF), with the Department of Budget and Management (DBM) as vice chair.
The advisory body to the Chief Executive 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).
It will also have the PSA, Bangko Sentral ng Pilipinas (BSP) and Philippine Competition Commission (PCC) as its resource institutions.
“The advisory body will lead the close monitoring of inflation (particularly on food and energy and their main drivers and causes), facilitate regular and efficient data-sharing among concerned agencies, assess the supply-demand situation for energy and essential food commodities, provide forward estimates given various scenarios, and provide timely recommendations to the President and relevant agencies on measures to curb possible price spikes and promote food and energy security,” Balisacan added.
CURRENTPH NEWS SERVICE