(UPDATE) TO address inflation and enhance initiatives to further improve the economy, President Ferdinand Marcos Jr. created the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), Malacañang said over the weekend. The Presidential Communications Office said that Executive Order (EO) 28, signed by the President on May 26, mandates that the IAC-IMO shall serve as an advisory body to the Economic Development Group (EDG) in the crafting and implementation of measures that will keep inflation, particularly of food and energy, within the government's targets. "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 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.

Source: Manila Times May 28, 2023 17:16 UTC