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COTABATO CITY – The Bangsamoro region has registered a slight increase in inflation rate in March 2023 at 7.8 percent compared to 7.5 percent last February, the Philippine Statistics Authority-Bangsamoro Autonomous Region of Muslim Mindanao (PSA-BARMM) said Thursday, April 13, 2023.
“The slight surge of the inflation rate to 0.3% this month in the Bangsamoro region was mainly due to the increase in growths in the indices of three commodity groups such as Food and Non-Alcoholic Beverages; Restaurant and Accommodation Services; and Personal Care, and Miscellaneous Goods and Services,” said PSA-BARMM Officer-in-Charge Regional Director Eng’r. Akan Tula.
Among the provinces in BARMM, Tawi-Tawi recorded the highest inflation rate at 11.7 percent, followed by Basilan at 9.5 percent, Sulu at 8.4 percent, Lanao Del Sur at 7.2 percent, and Maguindanao with the lowest inflation rate at 6.4 percent.
The report also mentioned that Cotabato City has decreased its inflation rate to 5.5 percent in the same month compared to the 6.6 percent inflation rate in the previous month of February.
As this developed, the headline inflation rate in the entire Philippines decreased to 7.6 percent this month compared to the previous month of February at 8.6 percent.
Region-VIII or Eastern Visayas Region recorded the lowest inflation rate at 5.9 percent, Region 2, or Cagayan Valley, recorded the second lowest inflation rate at 6.2 percent and Region 7 or Central Visayas Region recorded the third lowest inflation rate at 6.6 percent while Region-6 or Western Visayas Region got the highest inflation rate at 9.1 percent.
Meanwhile, Bangsamoro Planning and Development Authority (BPDA) Macro-Economic Planning Division Chief Camelia de Vera-Dacanay said that after the launch of the 2nd Bangsamoro Development Plan (BDP), BPDA will coordinate with different BARMM ministries, offices, and agencies to collect all programs and projects to recover from the continuing surge of the inflation rate in the region.
“The slight increase in the region’s inflation rate is still linked to the adjustment period from the recovery of the Covid-19 pandemic and the fasting month of Ramadan that is expected to increase the price of basic commodities,” Dacanay said.
BPDA Planning Officer V and Chief of Research and Development Division Marifah Agar explained some mechanisms indicated in the 2nd BDP to address the increase in the inflation rate and maintain within a manageable range of 2-4 percent per year.
“Implementing measures may need to be considered by the policymakers in BARMM such as freezing or controlling the market prices, providing subsidies and increasing the goods and services, improving the region’s infrastructure, increasing agricultural productivity, supporting the Small and Medium Enterprises (SMEs), and promoting investments in the key industries are some priority strategies in the 2nd BDP to prevent the increase in the inflation rate for the next six years in the region,” Agar suggested. (Kasan Usop, Jr./BIO) — (/)
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News Release