The Department of Trade and Industry (DTI), together with the other members of the National Price Coordinating Council, met on May 31, 2023, to assess the nationwide price and supply situation of basic necessities and prime commodities such as manufactured goods, agricultural products, medicines, fuels, LPG, among others.
The Philippine Statistics Authority reported that red onion prices in the National Capital Region (NCR) continued to decline since January.
The same pattern was seen in other regions. According to the Department of Agriculture (DA), the prevailing retail prices for a kilo of local commercial rice are P55 (special), P46 (premium), P44 (well-milled) and P38 (regular milled).
The Sugar Regulatory Administration reported that the monitored prevailing prices of retail sugar in groceries and supermarkets in the NCR, as of May, are P87/kilo for raw and P105/kilo for refined.
On the other hand, the Department of Energy reported that as of May 30, 2023, there had been a cumulative drop of P4.85 for LPG, P5.05 for diesel and P6.75 for kerosene.
According to the DTI, the monitored prices of basic necessities and prime commodities are within or below the suggested retail price (SRP) as of Feb 8. In addition, the DTI continues to intensify its monitoring efforts to ensure the stability and availability of prices and supply of basic and prime goods.
The department also assists the DA in monitoring the prices of agricultural products such as sugar and onion.
The DTI also introduced the recent launch of the program for farmer retail market. This contract farming program seeks to establish a direct link between onion farmers and institutional buyers. This program enables a steady supply of local onions, especially during lean months.
The Department of Health (DOH) stated that prices for essential medicines remain stable due to the increased number of available generic brands on the market. Further, the DOH reported that it regularly issues SRP for Covid-19 medicines.
The Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa) reported that the country will experience El Niño in the next couple of months up to the first quarter of 2024. According to Pagasa, 11-14 tropical cyclones are expected to develop in the Philippine Area of Responsibility from June to November of this year.
On the other hand, the Bangko Sentral ng Pilipinas forecasts that the inflation rate is likely to hit 5.5 percent this year.
We assure the public that the government is taking actions to protect their interests and ensure that basic and prime goods remain reasonably priced in the market. Atty. Ruth Castelo, DTI Consumer Protection Group undersecretary