Wednesday, November 21, 2007 DTI ordered to intensify price, supply monitoring
TRADE and Industry Secretary Peter B. Favila ordered the Department of Trade and Industry (DTI) to intensify price and supply monitoring of basic commodities nationwide until the end of the Yuletide season.
Favila warned unscrupulous businessmen of unnecessarily jacking up their prices.
"The Department is closely watching the movements of prices and supply and we will charge profiteers in the market," he said.
"There are price movements but prices of basic goods and prime commodities are generally stable," he added. "We are regularly meeting with manufacturers and retailers to ensure that there will be steady supply in the market so that increased demand will not unnecessarily pressure prices to go up."
Favila also said the gasoline price hike plays a small percentage in affecting the price commodities. "The strong showing of the peso against the dollar cushions the brunt of the increase in price of crude in the world market. Gasoline cannot be used as an excuse for unnecessary price hike."
"Prices of agricultural commodities are prone to movement during the rainy months, but they easily slide back to normal immediately after the typhoon. Just as what we've experienced weeks ago after typhoon Kabayan landed. Supply is the main reason for the increase in the prices, and season affects the supply," said Undersecretary for Consumer Welfare Zenaida C. Maglaya.
Aside from vegetables, the price of processed and manufactured commodities such as sardines, luncheon meat, corned beef, among others, remain stable, Maglaya reported.
"The Retailers Association and the Milk and Dairy Association of the Philippines assured during the latest National Price Coordinating Council (NPCC) meeting that there is enough supply and guaranteed that there will be no undue price hike until Christmas," Favila, for his part, said.
The price of chicken plays at 110-120 a kilo in wet markets, while they are at P94 in supermarkets. Pork remains stable at P140.
Representatives from the United Broilers Association as well as officials from the National Federation of Hog Farmers, Inc. gave their commitment that there will be no price increase in the months leading to the holiday season because of their buffer from their special imports.
The Soaps and Detergent Association of the Philippines, Alliance of Fish Canners, and Association of Meat Processors also committed to hold on to the present prices.
On the other hand, regular milled rice showed a downtrend in prices during the past two weeks. This situation continued and prices prevailed at P1 lower per kilogram, from P25 down to P24 per kg.
The price movement was attributed to the continuous deliveries of new harvest from Iloilo and Mindanao provinces.
Upon the conversion of imported sugar to the domestic supply, the Sugar Regulatory Administration (SRA) assure consumers that prices will ease in the next weeks. "The price of brown sugar already went down by P2 this week and we expect the refined sugar to reach the P38 range in the coming days, compared to the current price of P40," Maglaya said.
Should consumers have complaints, they may contact the Consumer Welfare and Trade Regulation Division (CWTRD) of DTI 11 at (082) 224-0511 local 421.
