MANILA – Finance Secretary Benjamin Diokno assured the public that while inflation has decelerated, the government would continue to mobilize efforts to address inflationary pressures.
In a statement on Friday, Diokno said the Marcos administration overcame one of its biggest challenges this year – elevated inflation – through carefully crafted mitigation measures anchored on easing the impact on vulnerable populations.
Headline inflation decelerated to 4.1 percent in November, significantly lower than the 8.7 percent high in January this year.
"The slower inflation for the month of November is a testament to the Marcos, Jr. administration’s whole-of-government effort to moderate rising commodity prices while protecting the most vulnerable sectors from its effects," Diokno said.
The national government created the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) in May under Executive Order 28 as a proactive measure to fight inflation.
Co-chaired by the Secretaries of the Department of Finance and the National Economic and Development Authority, the IAC-IMO serves as an advisory body to the Economic Development Group on measures that will keep inflation, particularly on food and energy, within the government’s target range.
Some of the government measures used to bring down inflation were imposing a price cap on rice and extending the reduced most favored nation tariff rates on rice, corn, and pork.
The government also began working on a rice importation agreement with India, while the IAC-IMO is continuously coordinating with the concerned agencies in the streamlining of guidelines and processes of importation through reviews of past issuances on import processes, and the possible expansion of the Unilateral Minimum Access Volume (MAV) of select commodities, in consultation with stakeholders.
“As we enter the new year, you can count on the government to mobilize all efforts toward addressing inflationary pressures," Diokno said.
"The IAC-IMO recognizes the pertinent upside risks that need to be addressed in the near term. Keeping the inflation rate within manageable levels to protect the Filipino people's purchasing power and maintaining macroeconomic stability shall remain our top priority.” (PNA)
