Tuesday, May 21, 2024

NEDA: Government Vows To Protect Filipinos’ Purchasing Power

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NEDA: Government Vows To Protect Filipinos’ Purchasing Power

21

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As the Philippine Statistics Authority (PSA) reported that the inflation rate slowed down this March, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Wednesday the government will continue to implement measures protecting the purchasing power of Filipinos.

Nearly a month after President Ferdinand R. Marcos Jr. approved the creation of the Inter-Agency Committee on Inflation and Market Outlook, the rate of price increase in goods and services decelerated to 7.6 percent last month, or 1 percentage point from 8.6 percent in February this year.

The committee was formed to be an advisory body to the Chief Executive on measures to mitigate inflation.

Balisacan said the committee has established coordination mechanisms for data gathering, assessment, and monitoring of supply and demand that triggers inflationary pressures.

“By streamlining data collection, the government can share a common understanding, particularly regarding data that can inform public policy and aid in the monitoring and management of inflation,” he said in a statement.

To continue addressing the elevated inflation numbers, Balisacan said the government requires a robust monitoring system and forecasting tools backed by dependable and prompt data that will enable the inter-agency committee to provide appropriate recommendations to President Ferdinand R. Marcos Jr. and the Cabinet.

“Protecting the purchasing power of Filipinos, especially the most vulnerable sectors of the economy, is one of the top priorities of the administration, which we have also laid out in the Philippine Development Plan 2023-2028. We are committed to provide policy advice and anticipatory recommendations that are supported by data to manage inflation and protect the Filipino families,” he said.

The 7.6 percent inflation rate in March was the lowest since October 2022, when inflation stood at 7.7 percent. (PNA)