The National Price Coordinating Council (NPCC), chaired by DTI, is processing and evaluating the reports of its member-agencies regarding price and supply situation.
Trade Secretary Cesar V. Purisima said, "we are now assessing the impact of the combined factors of oil price increases and the said uptick in inflation because of election spending. We are meeting this week for more definitive measures to cushion the impact of the oil price hike on the prices of basic goods."
Purisima stressed that there is still no ground for increases in the prices of basic goods. "There should be no price adjustments just yet. But our Bantay Bilihin price monitoring teams have stepped up their inspections to make sure that our retailers do not take advantage of the situation."
Bantay Bilihin is the DTI’s major program to ensure price and supply stability at all times.
Trade Undersecretary Adrian S. Cristobal Jr. said DTI, through Bantay Bilihin, is keeping a tight guard over the weighing scales and price tags in the stalls in wet markets to ensure that consumers get value for money. He also reminds grocery establishments that price tags and shelf pricing must be implemented to guarantee proper information on prices to the consumers.
The trade official said the Bantay Bilihin secretariat is collating the latest price reports. "So far, prices of basic goods have remained stable."
Prices of instant noodles, rice and sugar have remained the same. "We appeal to the retailers and other business establishments to not compound the spate of oil price increases by also jacking up their prices," Cristobal said.
DTI is now confirming various reports of prices of a number of basic items inexplicably shooting up. "Our Bantay Bilihin teams are now verifying certain complaints and reports from concerned citizens and we will definitely sanction those who may be violating the provisions of the Price Act," Cristobal warned.
Cristobal said industry associations that are part of NPCC have also pledged their support to ensure minimal price adjustments. "We need to balance business and consumer interests. While we want to put a tight rein on price movements, we have to factor in developments over which we have no total control on. For instance, the fluctuating foreign exchange rate affect basic goods that are largely dependent on imported raw materials. There is also global concern on the oil price and supply situation."
He also appealed to manufacturers to help government cushion the impact of oil price adjustments. "Business will prosper faster if we also ensure that our consumers have purchasing power. And one way to do this is for our manufacturers and retailers to price their goods at affordable rates."