Finance Secretary Benjamin Diokno said Saturday that the Executive Department has to be “more aggressive and focused” to tackle inflation, which reached a 14-year high in January.
In a statement, Diokno said the “main sources of inflation remain on the supply side, which should be the responsibility of fiscal authorities.”
“While evidence of second-round effects is increasing, the previous direct actions by government agencies have yet to work [their way through],” he said.Diokno also said that “timely importation of food items in short supply is not enough” after the government made several initiatives recently, such as the additional importation of sugar and onions.“There has to be a focused effort to ensure that the imported goods reach the intended markets as soon as possible.
“The monetary authorities have done their part; the Executive Department, including LGUs , have to do more, be more aggressive and focused. In the fight against inflation, monetary policy is not the only game in town,” said Diokno, a former BSP chief.“If the Executive Department succeeds in controlling the sources of inflation on the supply side more effectively, there will be less reason for monetary authorities to raise policy rates,” he said.
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