DTI to hold off price hikes for basic goods in next 3 months

FILE: FRESH VEGGIES AT COGEO MARKET. A customer chooses fresh vegetables at the Cogeo Market Ventures Corp. in Antipolo City, Rizal, on Friday, Aug. 31, 2018). Prices vary depending on the quality, freshness and source of vegetables. (PNA photo by Joey O. Razon)

MANILA – The prices of basic goods such as water, sardines, noodles, among others will not increase in the next three months, the Department of Trade and Industry (DTI) assured on Wednesday.

DTI Undersecretary Ruth Castelo allayed fears of consumers that rising inflation and the tax reform for acceleration and inclusion (TRAIN) law would also cause a spike in the prices of basic goods.

“To allay the fears of our consumers, kasi maraming nagsasabi tataas ang presyo bigla or tatalon ‘yan, pag natapos iyong three-month period (because there are many saying it will suddenly increase or jump after the three-month period),” Castelo said.

She said the DTI has convinced manufacturers of Basic Necessities and Prime Commodities (BNPCs) to hold off price increases for the next three months.

“Na-convince natin sila at pumayag sila (We were able to convince them and they agreed) – some committed three months; some committed six months; some committed nine months,” Castelo said in a Palace briefing.

“Assured ang consumers (are assured) that for the next three months, hindi gagalaw ang presyo ng BNPCs nila (the prices of their BNPCs will not change),” she added.

Castelo said the following BNPCs will have fixed prices: canned sardines, noodles, milk, bottled water, canned meat, detergent, and bath soaps.

She noted that all price increases have to be first approved by the DTI.

“They will have to submit data before they can change the market price or iyong presyo sa retail – doon sa panibagong SRP list iyon (the retail–new standard retail price list),” Castelo said.

Castelo added that the DTI has also convinced the Department of Agriculture (DA) to issue SRPs on some agricultural products.

“Ito iyong agricultural products niya na may (These agricultural products with) SRP, and hopefully will be enforced. This includes rice, milkfish, tilapia, galunggong, iyong basic rin (the basics),” Castelo said.

She said the DA has jurisdiction over these agricultural products but since July 2018, the DTI had started to assist.