QUEZON CITY, (PIA) -- President Ferdinand R. Marcos Jr. signed Executive Order (EO) No. 28 on 26 May 2023 ordering the creation of the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO).

This committee shall serve as an advisory body to the Economic Development Group (EDG) which is formerly known as Economic Development Cluster (EDC), on measures that will keep inflation within the government’s inflation targets, especially on food and energy.

The EO has renamed the Economic Development Cluster (EDC) as the Economic Development Group (EDG) because of the need to reorganize the cluster in order to “ensure that the integration of programs, activities, and priorities toward sustained economic growth remains efficient and effective.”

The EDG will be responsible for “harmonizing, coordinating, complementing, and synergizing efforts to ensure the country’s rapid, inclusive, and sustained growth.”

Meanwhile, the composition of the newly created IAC-IMO includes National Economic and Development Authority (NEDA) as chair, Department of Finance (DOF) as co-chair, Department of Budget and Management (DBM) as vice-chair while Department of Agriculture (DA), Department of Energy (DOE), Department of Science and Technology (DOST), Department of Trade and Industry (DTI), and Department of the Interior and Local Government (DILG) are considered members. The DOF shall also serve as the committee’s Secretariat.  

The committee shall (1) monitor the main drivers of inflation; (2) assess the supply-demand situation for essential food commodities; (3) assess the possible impact of natural and man-made shocks on the supply of key food commodities; (4) monitor data necessary to assess food prices and the supply and demand situation; (5) facilitate regular and efficient data sharing among concerned agencies; (6) monitor global, regional, and domestic developments and issues; and (7) provide timely recommendations to the EDG and relevant agencies.   

The Order gives IAC-IMO the authority to call upon any government department, agency, bureau, office, LGU, and even private sector representatives to aid in attaining the committee’s objectives. (ARB, PIA-CPSD)