A MORE focused monitoring of prices of basic commodities is expected in Cebu following the increasing inflation rates in the country.
According to Regional Director Asteria Caberte of the Department of Trade and Industry in Central Visayas (DTI-7), the province, through Gov. Hilario Davide III, had reactivated the provincial price coordinating council (PPCC) in Cebu.
“In these challenging times, we have decided to meet monthly. And all agencies are required to submit price monitoring every third week of the month to give way for thorough analysis of the prices,” she said in a press conference yesterday.
The governor is chairman of the council while the DTI-7 regional director is co-chairperson. The DTI Cebu provincial director is vice-chairperson.
The council is also composed of other relevant agencies including the Department of Agriculture (DA), National Food Authority (NFA), Department of Energy (DOE), Food and Drugs Administration (FDA), Department of Health (DOH), Department of Environment and Natural Resources (DENR), and the Philippine Statistics Authority (PSA).
The council had its meeting last September 19 and will be reconvening on October 11.
“It was initially agreed that we have to encourage more outlets for affordable rice. We asked NFA to speed up the accreditation of more outlets of NFA rice. We have to flood the market with cheap rice,” Caberte said.
Inflation in August has reached a nine-year high of 6.4 percent. As for September, analysts are forecasting an even higher inflation rate due to Typhoon Ompong which hit major vegetable producing areas in the country.
Caberte explained that in the August inflation data, 2.4 percent had been triggered by agricultural products which include rice, meat, fish, fruits and vegetables. She said it would be important to address this concern to help ease the pressure on the increasing prices of basic commodities.
The Office of the President has recently issued Memorandum Order No. 28 directing the NFA to immediately release existing rice stocks in its warehouses to boost supply in the market.
The order, which was signed by Executive Secretary Salvador Medialdea, stated the release of 230,000 metric tons of rice currently in stock in NFA warehouses in the country.
It also specified the release of another 100,000 metric tons of rice, which was previously contracted to be delivered before the end of September, to also be released to the market.
“With this, we hope to see prices going down in the next few weeks,” Caberte added.
Some supermarkets in Cebu are also expected to be selling NFA rice soon.
Caberte cited a recent memorandum of agreement signed by Trade Secretary Ramon Lopez and the Philippine Amalgamated Supermarkets Association Inc. (Pagasa) to allow their member supermarkets to sell NFA rice.
In Cebu Prince Warehouse Club Inc. branches are among those expected to be accredited to sell affordable rice.
Their member branches include those in Argao, P. Burgos St. in Cebu City, Daanbantayan, Dalaguete, Danao, Minglanilla, Opol, Sibonga, Tuburan, and in Mandaue City.