SECTOR: Economy
SONA YEAR: 2022
Keep inflation at between 2.5 and 4.5%
PROMISE STATUS - DATE: In progress as of 07/17/2023
- Headline inflation as of June slowed down to 5.4% from 6.1% in the previous month, the PSA reported. From January to June, the average inflation rate was 7.2%. The slowdown is attributed to food and non-alcoholic beverages, transport and housing, water, electricity, gas and other fuels.
- The Development Budget Coordination Committee has adjusted its inflation assumption range to 5.0% to 6.0% in 2023 from the previous 5% to 7% range “partly due to a consistent slowdown in inflation” in the first quarter of the year.
- Marcos signed Executive Order No. 28 that renamed the Economic Development Group to the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) on May 26. The IAC-IMO serves as an advisory body that will keep inflation “within the government’s targets,” especially food and energy. It is co-chaired by the Department of Finance (DoF) and National Economic and Development Authority (NEDA).