Wednesday, November 05, 2008 DTI reports rising prices as Christmas nears
STA. ROSA, Laguna -- Trade Secretary Peter Favila said some traders have started to jack up the prices of "Yuletide" staples or products by more than 10 percent with at least 50 more days to go before Christmas season.
President Gloria-Macapapagal Arroyo ordered the Department of Trade and Industry (DTI) to conduct spot checks of the markets on a daily basis to avert unnecessary increase in prices of commodities especially with the coming holiday season.
Favila would be coordinating with the product manufacturers, dealers, and sellers to determine the veracity of the reported price increase especially of fruit cocktails, macaroni noodles ham and other similar holiday staples.
The trade secretary said while it is expected that prices of such items would go up due to its demand, they are hoping that it would be minimal and reasonable.
He added that reports reaching him said the hike was more than 10 percent, which is already too heavy for the consumers.
Favila hopes that traders would not take advantage of the holidays, warning that they are prepared to file charges if necessary and proven that there were profiteering and price gouging.
"I was telling the president that I have set my sights high. There could be some signs of profiteering so this is what we need to verify and validate," he said.
The President, according to him, ordered a daily monitoring of prices and they are enjoining their volunteers and the public in general to help the DTI in the campaign against unnecessary hike in the prices of commodities.
Arroyo, during the opening of the1st Laguna Investment and Business Expo held at the SM City here, said the DTI would be assisted by the local government units (LGUs) in the monitoring and campaign against unscrupulous traders.
"That's his job with the local governments as DTI secretary and put the price manipulators out of business. He, and we, will continue to make spot checks in markets to make sure no one is taking advantage of their fellow citizens during this challenging time," she said.
Arroyo said the government is also continuing to invests on agriculture through the Fields program -- which covers fertilizer, irrigation, education and training, loans, dryers and other facilities and seeds -- to entice farmers to continue planting and ensure a steady supply of food.
This includes the National Food Authority (NFA)'s increased purchase of palay from the farmers from 100,000 metric tons in 2007 to one million metric tons from late this year to next year. He said at present the NFA had already purchase 300,000 metric tons of palay as against 30,000 metric tons last year.
The President also reiterated that despite the world financial problem, the Philippines government is committed and is doing everything within its power to cushion the impact of the crisis including the putting of food on the table and averting hunger.
The government, she said, is fully aware of the pressures faced daily by the Filipinos stemming from the high prices and high inflation rates to their concern about the security of their jobs to the "buying power" of their wages and salaries.
"That is why we are working hard to keep down the prices of rice, food and fuel and to increase the number of jobs and investments that will continue to generate high-paying employment opportunities for more of our countrymen," according to Arroyo.
During the event, the President also stated the government is determined to make the country more globally competitive to help cushion the impact of the credit crunch and make the country more resilient against it.
To realize this, the government has adopted a five-plan strategy that has been detailed under the Medium Term Philippine Development Plan, which includes:
* making food plentiful at reasonable prices to make our labor cost competitive;
* reducing the cost of electricity to make the cost of running machineries and our manufacturing processes regionally competitive; modernizing the physical infrastructure and logistic system at least cost to ensure efficient movement of goods and people; and
* upgrading of the technologies and increasing of the people's productivity through education and trainings; and reducing red tape in all government agencies through the reduction of transaction cost. (JMR/Sunnex)
