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IAC-IMO Discusses Measures To Mitigate Food and Non-food inflation
Photo credit: Department of Finance
The Inter-agency Committee on Inflation and Market Outlook (IAC-IMO) convened on April 20, to discuss updates on measures to mitigate food and non-food inflation.
The IAC-IMO was created to fight inflation, particularly on food and energy, and serves as an advisory body to the Economic Development Group (EDG) on measures to keep inflation within the government’s target range.
The committee is chaired by the National Economic and Development Authority (NEDA) and co-chaired by the Department of Finance (DOF), while the Department of Budget and Management (DBM) serves as the Vice-Chairperson.
The IAC-IMO has created two sub-committees responsible for implementing specific strategic objectives and relevant action plans.
On food inflation, NEDA Undersecretary Rosemarie Edillon presented short-term and medium-term measures to manage food inflation.
These measures include filling the domestic supply gap through timely and adequate importation, strategically prepositioning rice buffer stocks during El Niño, improving and expanding the Kadiwa program, and fast-tracking the distribution of targeted subsidies to farmers and fisherfolks.
In the medium-term, boosting the productivity and resiliency of the local agriculture sector, promoting private investment in facilities, transport, and logistics systems, and pushing for the passage of critical reforms were also presented.
On non-food inflation, DOF Undersecretary Zeno Abenoja presented four short-term interventions to mitigate non-food inflation.
These interventions include the implementation of demand management measures, the protection of vulnerable sectors through fuel subsidies and targeted cash transfers, careful review of wage and transport petition hikes, and timely and continued monitoring of non-food inflation indicators.
Measures to manage demand include energy conservation and efficiency proposals to reduce energy consumption and promote responsible water consumption.
The IAC-IMO meeting also tackled the inflation outlook, presented by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila Jr., and the possible creation of an agricultural monitoring dashboard, presented by DBM Undersecretary Maria Francesca Del Rosario.
Next steps include sub-committee meetings on food and non-food inflation, tentatively scheduled for late April and mid-May, respectively. The results of these meetings will be discussed during the first EDG meeting, tentatively set on May 11.
The IAC-IMO was created to fight inflation, particularly on food and energy, and serves as an advisory body to the Economic Development Group (EDG) on measures to keep inflation within the government’s target range.
The committee is chaired by the National Economic and Development Authority (NEDA) and co-chaired by the Department of Finance (DOF), while the Department of Budget and Management (DBM) serves as the Vice-Chairperson.
The IAC-IMO has created two sub-committees responsible for implementing specific strategic objectives and relevant action plans.
On food inflation, NEDA Undersecretary Rosemarie Edillon presented short-term and medium-term measures to manage food inflation.
These measures include filling the domestic supply gap through timely and adequate importation, strategically prepositioning rice buffer stocks during El Niño, improving and expanding the Kadiwa program, and fast-tracking the distribution of targeted subsidies to farmers and fisherfolks.
In the medium-term, boosting the productivity and resiliency of the local agriculture sector, promoting private investment in facilities, transport, and logistics systems, and pushing for the passage of critical reforms were also presented.
On non-food inflation, DOF Undersecretary Zeno Abenoja presented four short-term interventions to mitigate non-food inflation.
These interventions include the implementation of demand management measures, the protection of vulnerable sectors through fuel subsidies and targeted cash transfers, careful review of wage and transport petition hikes, and timely and continued monitoring of non-food inflation indicators.
Measures to manage demand include energy conservation and efficiency proposals to reduce energy consumption and promote responsible water consumption.
The IAC-IMO meeting also tackled the inflation outlook, presented by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila Jr., and the possible creation of an agricultural monitoring dashboard, presented by DBM Undersecretary Maria Francesca Del Rosario.
Next steps include sub-committee meetings on food and non-food inflation, tentatively scheduled for late April and mid-May, respectively. The results of these meetings will be discussed during the first EDG meeting, tentatively set on May 11.
Apr 21, 2023
