BUSINESS
Advocates Philippines
NEDA Committed to Managing Inflation
Photo credit: NEDA
National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan has reiterated the government's commitment to managing inflation and ensuring the sustained growth of the country's economy, despite challenges in both local and global markets.
Speaking at a briefing by the Development Budget Coordination Committee, Balisacan discussed the impact of rising inflation on the economy's fiscal and external position, as well as growth targets, priority measures, and budgetary allocation for targeted assistance projects.
Balisacan also emphasized the need for government interventions to align with the strategies outlined in the Philippine Development Plan 2023-2028. In particular, he cited the success of the Rice Tariffication Law in moderating the increases in food prices and protecting consumer welfare, especially for the poor and most vulnerable sectors. He stressed that easing import restrictions must be complemented by measures to improve domestic agricultural productivity and raise the competitiveness of the sector.
The DBCC reaffirmed that the government's full-year 2023 target of 6 to 7 percent for gross domestic product (GDP) growth rate remains attainable, provided that domestic risks are addressed. Balisacan emphasized the need for the timely implementation of short- and medium-term measures to achieve this target.
The NEDA Secretary's remarks come amid concerns over rising inflation, particularly in the food sector. The government has implemented importation policies to address insufficient domestic food production, but these have also raised concerns over the welfare implications for small farmers.
The Marcos Administration's Economic Team, which includes Balisacan, Department of Finance Secretary Benjamin E. Diokno, Department of Budget and Management Secretary Amenah F. Pangandaman, and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla, continues to monitor the country's macroeconomic situation and growth prospects. The team is expected to announce further measures to manage inflation and sustain the country's rapid recovery in the year ahead.
Speaking at a briefing by the Development Budget Coordination Committee, Balisacan discussed the impact of rising inflation on the economy's fiscal and external position, as well as growth targets, priority measures, and budgetary allocation for targeted assistance projects.
Balisacan also emphasized the need for government interventions to align with the strategies outlined in the Philippine Development Plan 2023-2028. In particular, he cited the success of the Rice Tariffication Law in moderating the increases in food prices and protecting consumer welfare, especially for the poor and most vulnerable sectors. He stressed that easing import restrictions must be complemented by measures to improve domestic agricultural productivity and raise the competitiveness of the sector.
The DBCC reaffirmed that the government's full-year 2023 target of 6 to 7 percent for gross domestic product (GDP) growth rate remains attainable, provided that domestic risks are addressed. Balisacan emphasized the need for the timely implementation of short- and medium-term measures to achieve this target.
The NEDA Secretary's remarks come amid concerns over rising inflation, particularly in the food sector. The government has implemented importation policies to address insufficient domestic food production, but these have also raised concerns over the welfare implications for small farmers.
The Marcos Administration's Economic Team, which includes Balisacan, Department of Finance Secretary Benjamin E. Diokno, Department of Budget and Management Secretary Amenah F. Pangandaman, and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla, continues to monitor the country's macroeconomic situation and growth prospects. The team is expected to announce further measures to manage inflation and sustain the country's rapid recovery in the year ahead.
Mar 1, 2023
