(BusinessMirror) THE President has approved the creation of a new interagency committee (IAC) on Inflation and Market Outlook (IMO) to be cochaired by the National Economic and Development Authority (Neda) and the Department of Finance (DOF).

The Department of Budget and Management will be the vice chairperson of the IAC. The committee will also be composed of the Department of Agriculture, Department of Trade and Industry, Department of Energy, Department of Science and Technology, and Department of the Interior and Local Government.

The Philippine Statistics Authority, Bangko Sentral ng Pilipinas, and Philippine Competition Commission will serve as the Committee’s resource institutions.

“This newly formed committee shall serve as an advisory body to the President and the Cabinet on measures to mitigate inflation and ensure food and energy security while balancing the interests of local food producers, consumers, and the overall economy,” the Neda said in a statement on Tuesday.