DTI: Manufacturers support price freeze
The Department of Trade and Industry (DTI) said on Tuesday it has the support of manufacturers to keep prices of basic goods unchanged until the end of this year, following President Marcos’ directive.
“This follows assurances from manufacturers, conveyed through the Department of Trade and Industry (DTI), committing to keep prices stable in response to the President’s directive to prevent any hikes through year-end,” the DTI said in a statement on Tuesday.
In a separate statement also on Tuesday, the DTI said it continues coordinating with manufacturers and retailers to maintain the current suggested retail prices (SRPs).
Trade Secretary Ma. Cristina Roque said in a radio interview with dzBB that the President has directed the DTI not to authorize any price increases in basic necessities and prime commodities until end-2025 while ensuring the quality of these items.
Malacañang press officer Claire Castro earlier announced that Mr. Marcos directed the DTI to hold off price hikes on basic commodities ahead of the Christmas season, particularly imported rice and other food products.
The order applies to canned sardines, canned meats, all kinds of milk, various products of instant coffee, bottled water, instant noodles, bread, salt, soy sauce, fish sauce, vinegar, candles and other manufactured basic commodities.
“According to DTI Secretary Cristina Roque, all stakeholders have cooperated with the government to ensure that no price increases will occur in markets, especially with the upcoming holiday season,” Castro said.
Monitoring teams
The DTI also said it is deploying monitoring teams nationwide to ensure “no unreasonable price increase” would be imposed in public markets and supermarkets.
Roque previously made the assurance during a market visit on Friday, saying that industry players are cooperating “to give the consumers the price[s] that they deserve.”
The DTI released the last updated SRP bulletin on basic necessities and prime commodities in February, which reflected different price hikes in 77 out of 191 commodities.
Agencies such as the DTI are mandated to issue SRPs to guide consumers as well as producers, manufacturers, traders, dealers, sellers and retailers, as mandated by Republic Act No. 7581, or the Price Act.
However, they are not required to comply with the SRPs since these are voluntary and only serve as a reference for consumers and businesses alike.
“If the prevailing price of any basic necessity is excessive or unreasonable, the implementing agency may recommend to the President the imposition of a price ceiling for the sale of the basic necessity at a price other than its prevailing price,” the law reads.
