(UPDATE) TO address inflation and enhance initiatives to further improve the economy, President Ferdinand Marcos Jr. created the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), Malacañang said over the weekend.

The Presidential Communications Office said that Executive Order (EO) 28, signed by the President on May 26, mandates that the IAC-IMO shall serve as an advisory body to the Economic Development Group (EDG) in the crafting and implementation of measures that will keep inflation, particularly of food and energy, within the government's targets.