Food firms, retailers sign pact to keep prices stable

Local food manufacturers and retailers signed yesterday a resolution agreeing with the Arroyo Government to keep the prices of basic necessities and prime commodities stable.

Representatives of the Tin Can Manufacturers Association of the Philippines, the Coconut Oil Refiners Association, flour millers, bakers associations, retailers and canned good manufacturers signed the resolution during the regular meeting of the National Price Coordinating Council yesterday.

According to Trade Undersecretary for Consumer Welfare and Trade Regulation Adrian Cristobal Jr., the resolution ensures a long-term cooperation with local manufacturers and retailers to keep prices stable.

Cristobal reported that based on government monitoring in the National Capital Region (NCR), prices of basic necessities and prime commodities such as rice and sugar remain stable.

The items which showed some price increase since March, but have now stabilized, include hard flour and chicken, while the prices of soft flour, cooking oil and pork have also stabilized at slightly lower prices.

Retail prices of vegetables, Cristobal assured, have also gone down, while the price of staple fish such as tilapia and bangus are stable.