Retailers open to voluntary price freeze – DTI

MANILA, Philippines —  Manufacturers and retailers are open to a voluntary price freeze on essential goods amid possible spikes in prices due to effects of the El Niño phenomenon, according to the Department of Trade and Industry (DTI).

Manufacturers and retailers voiced their position at a recent meeting with Trade Secretary Alfredo Pascual.

At the meeting were representatives and officers of Monde Nissin Corp., Unilever Philippines Inc., Coca-Cola Beverages Philippines, Universal Robina Corp., Nestle Philippines Inc., Procter and Gamble Philippines Inc., Century Pacific Food Inc., Alaska Milk Corp., CDO Foodsphere, NutriAsia, SM Supermarket and Robinsons Supermarket.

The DTI said discussions on a possible price freeze are ongoing amid risk of sharp price hikes due to El Niño.

Under the Price Act, prices of basic necessities are automatically frozen at prevailing prices for up to 60 days in an area under a state of calamity.

“At DTI, we are deeply committed to monitoring market conditions, advocating for consumer rights and guiding our nation through these challenges. We are profoundly grateful for the industry’s partnership in protecting the welfare of our community,” Pascual said.

“What is good about this effort is that the voluntary price freeze will be felt by everyone, not only in areas under a state of calamity, but every Filipino consumer,” Trade Assistant Secretary Amanda Nograles said.

Also discussed during the meeting were DTI’s ongoing projects such as the Clark Mega Food Hub and the Nueva Vizcaya Agricultural Terminal Online, designed to strengthen the link between farmers and retailers, support the local economy and ensure availability of affordable food.

Pascual emphasized the DTI’s commitment to balancing consumer protection, while promoting a thriving business ecosystem.

“We understand the difficulty experienced by Filipino families due to El Niño. The DTI is focused on ensuring right prices, protecting consumer welfare and ensuring retailers are responsible in running their business,” he said.