DTI: No price hikes for basic goods for at least 3 months

DRY GOODS / SEPTEMBER 5, 2018
Store keepers wait for customers at stalls selling dry goods in Commonwealth Market in Quezon City on Wednesday, September 5, 2018. The Philippine Statistics Authority (PSA) announced the inflation or the increase in the prices of goods climbed to a 9 year high, hitting 6.4% in August.
INQUIRER PHOTO / GRIG C. MONTEGRANDE

Prices of some prime commodities will not increase for at least three months amid the recent spike in inflation, Department of Trade and Industry (DTI) Undersecretary Ruth Castelo said yesterday.

Castelo said the government convinced BNPCs or basic necessities and prime commodities manufacturers to hold off price increases during a meeting last August 17.

“Na-convince natin ang mga manufacturer at pumayag sila to hold off price increases at least for the next three months. So at least assured ang consumers that for the next three months ay hindi gagalaw ang presyo ng BNPC nila,” Castelo told reporters in the weekly economic briefing at Malacañang.
(We convinced the manufacturers to hold off price increases at least for the next three months. So at least the consumers are assured that for the next three months, prices will remain stable.)

The prize freeze is applicable to products such as canned sardines, canned meats, all kinds of milk, coffee, bottled water, instant noodles, bread, salt, soy sauce, fish sauce, vinegar, bottled water, candles, and all manufactured basic needs and prime commodities, according to Castelo.

The move came after the inflation clocked in at a new nine-year high of 6.4 percent, which President Duterte’s economic managers attributed to the rise in prices of fuel, rice, vegetable, fish and other meat.

Presidential Spokesperson Harry Roque announced that economic managers will submit to the President a draft executive order removing administrative constraints and non-tariff barriers on the importation of fish, rice, sugar, meat and vegetables in a bid to ease the importation process of food products.