Prices of basic goods to remain stable, says DTI

Trade and Industry Secretary Manuel Roxas II said he was assured yesterday by local manufacturers and retailers that the prices of basic and prime commodities will remain stable despite an increase in fuel prices.

The assurance was given during the National Price Coordinating Council (NPCC) meeting called by Roxas to assess the price situation of basic goods and commodities in anticipation of the looming oil price increases.

Those who gave their assurance to Roxas include the Philippine Amalgamated Supermarkets Association (PAGASA), the Philippine Retailers Association (PRA), Federation of Philippine Industries (FPI), Nestle, Universal Robina Corp. (URC), Alaska Milk Corp., Citizens Alliance for Consumer Protection (CACP) and the Consumer Federated Group of the Philippines (CFGP).

Members of the transport sector also gave their assurance that the recent and expected fuel price hikes would not affect their operating costs.

The NPCC is mandated by RA 7394 also known as the Price Act to coordinate and monitor price stabilization programs of the government as well as formulate strategies to maintain the stability of the prices of basic goods and commodities.

Of the 12 basic goods and commodities being monitored by the Department of Trade and Industry, only flour and milk depend on imported raw materials.

However, with the current stable foreign exchange rate situation since January this year, local milk and flour manufacturers gave their assurance that there is no great pressure on them to jack up their prices.

Local manufacturers and retailers also disclosed to Roxas that fierce competition has become a key factor in keeping prices at current level.

Roxas warned traders and retailers that any unreasonable increase in prices will immediately be noted by the DTI which regularly monitors prices in wet markets and groceries.

The DTI will not hesitate to penalize unscrupulous traders and retailers for violations of the Price Tag Law and the Consumer Act.

Roxas is urging the public to report any incidents of overpricing to the DTI by calling the consumer hotline numbers 8965740 and 8904932.