Q1 2023 inflation rate continues to slow down, but still above Plan target
A mixture of gains and setbacks was seen along regional economic indicators during the first three months of 2023.
The inflation rate continued decelerating at 4.2 percent in May 2023, down from 6.3 percent from a year ago. This decline can be attributed to lower upticks in food and non-food (transport, etc.) items. However, it remains above the government's 2.0-4.0 percent target range for the year.
The employment rate slightly declined from 97.0 percent in October 2022 to 96.2 percent in January 2023.
The reduction is expected as seasonal jobs typically end after the holiday season.
Along agri-fishery and forestry, livestock, poultry, and log production growth was noted. In contrast, palay, corn, and fishery production dropped due to inclement weather conditions.
The region secured staggering investments worth PhP3.6 billion for electricity, transportation, and storage.
Higher business name and cooperative registrations and revenue collection were noted.
The region is relatively peaceful and safe, evidenced by lower crime volume.
Water and air quality parameters generally meet the allowable limits, except for the elevated fecal coliform levels in the region's two Water Quality Management Areas (WQMAs).
Favorable development prospects in the coming months are anticipated due to increasing economic activities. The summer season typically brings an uptick in demand which can positively impact the industry and services sectors. As the school year ends, labor force participation is expected to expand with the influx of new graduates.
Further, the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO) was created through Executive Order No. 28, s. 2023, to manage inflation and mitigate the impact of rising commodity prices.