DTI: Price freeze on basic goods until year-end
Filipino consumers can expect no further price increases on basic goods until the end of the year, as manufacturers have agreed to hold off on raising prices despite mounting input costs amid still-elevated oil prices.
Trade Secretary Cristina Roque said on Thursday that manufacturers of basic necessities and prime commodities (BNPCs) made the commitment during their regular consultations with the Department of Trade and Industry (DTI).
The assurance covers the 204 stock-keeping units (SKUs) monitored under the DTI’s suggested retail price (SRP) guide, including common brands of canned sardines, instant noodles, condiments, coffee and bottled water, among others.
Roque said the commitment also extends to candles, demand for which is expected to rise ahead of All Saints’ Day and All Souls’ Day, or ”Undas.”
But the price assurance does not yet cover noche buena products, which are not classified as BNPCs.
“We want to keep all prices stable, but it’s best for us to meet. So I can’t commit yet until I talk to them regarding that specific request,” she told reporters on the sidelines of the DTI National Trade Fair.
Manufacturers’ commitment
Securing commitments from manufacturers to keep their prices steady has been the DTI’s way of ensuring that basic goods remain affordable amid the energy crisis, even without a formal price freeze in place.
The last time the DTI allowed price adjustments for BNPCs was in May, when it released an updated SRP guide reflecting increases in select brands of sardines, instant noodles, condiments, candles, coffee, bottled water, detergent and laundry soap and batteries.
At the time, Roque said manufacturers had sought higher prices as they grappled with elevated fuel and logistics costs stemming from disruptions to oil supply routes in the Middle East.
Apart from holding prices steady, Roque said manufacturers had also assured the DTI during their recent meetings that they had sufficient inventories of basic goods to meet demand.
“Again no need to panic, no need to hoard. They (manufacturers) have enough supplies of basic necessities and prime commodities,” she added.
Earlier, the DTI warned the public against hoarding or profiteering involving bottled water, plastic drums and other water containers amid concerns that the super El Niño could strain water supplies.
Hoarding and profiteering are considered illegal acts of price manipulation under Republic Act 7581, or the Price Act of 1992.
Violators face imprisonment of five to 15 years and fines ranging from P5,000 to P2 million.
******
Get real-time news updates: inqnews.net/inqviber
