Executive Order readied to address inflation: Palace

Dharel Placido, ABS-CBN News

Posted at Sep 12 2018 01:24 PM | Updated as of Sep 12 2018 10:17 PM

President Rodrigo Duterte presides over a Cabinet meeting in Malacañang on Sept. 11, 2018. Valerie Escalera, Malacanang Photo

MANILA - President Rodrigo Duterte’s economic managers will submit a draft executive order to tame inflation, Malacanang said Wednesday.

The proposed issuance seeks to remove "administrative constraints and non-tariff barriers" in the importation of rice, meat, sugar and vegetables, Presidential Spokesperson Harry Roque said.

Duterte in a nationally televised interview Tuesday said his economic managers were "working" on measures to tame the price spikes.

Roque said Duterte’s economic managers also gave proposals to address inflation during a Cabinet meeting late Tuesday.

These include streamlining the importation and release to the market of basic food items, and promotion of high-yield crops, he said.

These measures are now being carried out even as the government is working on the EO, he said.

Consumer prices rose 6.4 percent year-on-year in August, exceeding government and market forecasts and putting pressure on the Bangko Sentral to raise its benchmark rate for the fourth time this year, analysts said.