PBBM vows gov’t action to control inflation

MANILA – President Ferdinand “Bongbong” Marcos Jr. is hopeful that the country’s economy will continue to progress after the inflation rate slightly slowed down in February.

Last month’s inflation rate went down to 8.6 percent, from 8.7 percent in January.

“Nananatili tayong puno ng pag-asa para sa ating ekonomiya lalo na’t bahagyang bumaba sa 8.6 percent ang ating inflation rate sa kabila ng inaasahang pagtaas nito sa mga susunod na buwan (We remain hopeful about our economy, especially our inflation rate slightly went down to 8.6 percent amid its expected rise in the coming months),” Marcos said on Tuesday, March 7.

Last week, the Bangko Sentral ng Pilipinas (BSP) has forecasted that February inflation rate could be at 8.5 to 9.3 percent.

The President said the government will continue to implement initiatives in order to bring down inflation.

“Tuloy-tuloy lang ang ating mga hakbang para pababain pa ang presyo ng bilihin at alalayan ang mamamayang Pilipino (We will continue to take steps in bringing down the prices of goods and aid Filipinos),” Marcos said.

Inflation committee

Finance Secretary Benjamin Diokno disclosed that Marcos has formed an interagency committee on inflation and market outlook tasked to come up with a demand and supply situation, and we will report to the President on a monthly basis on whether or not the country needs to import certain commodities depending on the current situation.

It will be co-chaired by Diokno and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan. Department of Budget and Management (DBM) Secretary Amenah Pangandaman will be the committee’s vice chairman while members will include the Department of Agriculture (DA), Department of Trade and Industry (DTI), Department of the Interior and Local Government (DILG), and Department of Science and Technology (DOST).

“This committee, it’s called interagency committee on inflation and market outlook, so hindi na magiging ad hoc, kasi parang nagci-create ng committee pagka mag-import na ganun. E, minsan mali yung timing kasi magdedesisyon ka mag-import tapos darating dito sa atin e tamang tama nag-aani na ang mga farmers so umaangal talaga sila. So dapat talaga ifo-forecast mo, there should be a scientific, Science-based forecast (so this will no longer be an ad hoc, because we only create a committee when we import that sometimes the timing is not right because you have decided to import, but it will arrive here at a time when farmers are harvesting so, they really suffer. So, there should be a scientific, Science-based forecast),” Diokno said in a palace briefing Tuesday.

He also bared that the government is planning to form an economic development group to promptly address the problems in the economy.

The Finance chief also said that they have identified measures that need to be passed to back the government’s long term efforts on increasing food production to counter inflation.

These are the New Agrarian Emancipation Act, National Land Use Act, Livestock Development and Competitiveness Bill, and the amendments to Philippine Crop Insurance Corporation.

‘Inflation to go down’

Diokno said with the February inflation slightly going down, it will further go down around October this year.

“February inflation was slightly lower than January inflation, 8.6 percent compared to 8.7 in January. Ibig sabihin to nag-level up, slide pababa and that we forecast that maybe by around October it will go down to 2 to 4 percent na ine-expect ng BSP (as what the BSP expects).

Last week, Marcos said he is not keen on asking for “special powers” to curb inflation, saying his authority was already sufficient to address it.