The Presidential Communications Office said that Executive Order (EO) No. 28, signed by the President on May 26, mandates that the IAC-EMO shall serve as an advisory body to the Economic Development Group (EDG) in the crafting and implementation of measures that would keep inflation, particularly of food and energy, within the government’s targets.

The IAC-EMO will be composed of the National Economic and Development Authority (NEDA) secretary as chairman; Finance secretary as co-chairman ; Budget secretary as vice chairman; and the secretaries of Agriculture, Energy, Science and Technology, Trade, and Interior as members.

“In view of the increasing prices of key commodities, particularly food and energy resources, the creation of an advisory body to the EDC, 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 circular read.

The EDC was reorganized and renamed as Economic Development Group.

The advisory body will monitor the main drivers of inflation, particularly food and energy, and their proximate sources and causes; assess the supply-demand situation for essential food commodities during the cropping period, allowing periodic updating as new information becomes available; assess the possible impact of natural and man-made shocks on the supply of key food commodities; and regularly monitor data necessary to assess food prices and the supply and demand situation.

It will also facilitate regular and efficient data sharing among concerned agencies to effect timely supply and demand situation analysis; monitor global, regional, and domestic developments and issues that may affect prices: and provide timely recommendations to the EDG and relevant agencies on measures to curb price spikes and promote food security based on ex-ante supply and demand analysis.

The EDG is composed of the Finance secretary as chairman; NEDA as co-chairman; and the head of Presidential Management Staff; secretaries of Agriculture, Budget, Energy, Information and Communications Technology, Interior, Labor, Public Workers, Science and Technology, Trade, Transportation, and Tourism as members. — Kristina Maralit