60 DAYS PRICE FREEZE AMIDST THE EFFECT OF EL NIÑO ON INFLATION

The DTI and manufacturers agreed on implementing price freeze (Photo courtesy of Philippine Star)

Some manufacturers implemented a voluntary price freeze on some basic goods to help consumers who are already struggling with high prices due to El Niño. This includes several brands of instant noodles, canned meat, processed milk and others.

Three consecutive months of accelerating inflation or the increase in the price of goods in the country, plus the El Niño which still affects market prices and jobs. In the meeting of the Department of Trade and Industry (DTI), manufacturers, and retailers, the issue of whether it is possible for manufacturers to implement a voluntary price freeze was raised.

The price freeze is implemented in the areas affected by the disaster to prevent the increase in the price of goods for no reason. 

"Manufacturers wrote to us one by one and they gladly informed us that they are okay with having a voluntary price freeze. Since this is voluntary, the manufacturers themselves are free to tell us which ones are covered by this price freeze," Asec. Amanda Nograles of the DTI Consumer Protection Group stated.

The ten manufacturers that the DTI talked to along with the two leading retailers, Nograles confirmed that starting May 10, some of the basic commodities will not have any price movement. Some brands of instant noodles, canned goods, processed milk, and bottled water are included.

But the list is expected to widen in the next few days. The price freeze will last for 60 days, but there is also the possibility to extend it if needed. 

"Nothing has been discussed after the 60 days commitment, but of course we will help our consumers during El Niño. Maybe if the situation is still bad, maybe Sec. Pascual and DTI can plead again to the manufacturers if it is really necessary to extend it or not but for now and we can see, 60 days is enough," Nograles added.

The DTI clarified that the price freeze will be felt in some basic commodities until July 10, not only in the areas that have declared a state of calamity due to El Niño but in the entire country.

Source: The Manila Times 

Be part of ImHenyo community!

Get featured by sharing your stories, news, and comments

Email us at [email protected]