By Joann Villanueva | Philippine News Agency
Prices of basic necessities and prime commodities (BNPCs) will increase only starting April 17, following a meeting among officials of the Department of Trade and Industry (DTI), manufacturers and retailers Saturday.
In a statement issued Saturday night, the DTI said representatives of manufacturers and retailers have agreed to hold off upward price adjustments until April 16 to ensure stability of prices amid the effects of ongoing conflict in the Middle East.
“This price stability effort is supported by BNPC manufacturers and retailers who have pledged to absorb current logistics and inventory pressures,” it said.
Present during the meeting were representatives from Alaska Milk Corporation, Chattrade Enterprises, Commonwealth Foods Inc., Century Pacific Food Inc., Ecossential Foods Corp., Sevilla Candle Factory Inc., Lorenzana Food Corp., Monde Nissin, Nestle Philippines, Procter & Gamble Philippines Inc., San Miguel Foods, Slord Development Corp., Unilever Philippines Inc., Universal Canning Inc., Universal Robina Corporation, Virginia Food Inc., and Wellmade Manufacturing Corporation.
Representatives from the Canned Sardines Association of the Philippines also attended the meeting, he said.
Retailers’ group representatives during the meeting include those from Robinsons Retail Holdings, Inc.; SM Markets (SM Supermarket, SM Hypermarket, and Savemore); Metro Retail Stores Group Inc.; and the Philippine Amalgamated Supermarkets Association.
Last Friday, DTI said that while Malacañang declared a state of national energy emergency, this does not come with an automatic price freeze clause.
Thus, the strengthened nationwide monitoring ensures stability of prices and supply.
A 60-day price freeze is automatically in place upon the declaration of a state of calamity in an area, pursuant to Republic Act (RA) No. 7581, otherwise known as the Price Act.
The DTI has jurisdiction over 726 variants of essential products, of which 196 SKUs (stock keeping units) have suggested retail price (SRP).
These products include canned sardines, canned meat, coffee, processed milk, instant noodles, condiments, laundry soap, toilet soap, candles, salt, batteries, bottled water, and bread, it said.
The statement encourages the public to check the complete list of NCPCs and their SRP through the DTI website, www.dti.gov.ph, and its various social media channels as well as the supermarkets and groceries. (PNA)
