The move was prompted by reports that there is a shortage of imported industrial face masks, particularly the World Health Organization (WTO)-endorsed 3M-N95 due to strong demand and instances of hoarding and price manipulation by some unscrupulous traders.
However, Trade and Industry Secretary Manuel Roxas II said yesterday that he received assurances from various drug manufacturers, drugstore associations, retailers and representatives of 3M Philippines that prices of drugs, vitamins and sanitizers such as alcohol, alcogel and sanitary face masks have not increased.
They also gave their assurance that there is still an adequate supply of vitamins and sanitazing products in the market.
However, they admitted that because of the unusual demand for face masks, there has been a shortage and an out-of-stock supply situation specifically for the 3M brand N95 industrial face mask. This particular brand lasts for up to three months from time of use.
Industry sources said there has also been a proliferation of masks that may not necessarily provide adequate protection against the virus that causes atypical pneumonia.
Local generic drug manufacturers also disclosed that there has been a 300 percent to 400 percent increase in the price of raw materials for vitamin C.
But according to Edwin Isaac, a representative of the Filipino Drug Association, local generic vitamin manufacturers have so far been able to absorb the price increase.
"If prices of raw materials continue to increase, we may be forced to adjust vitamin prices upward," he said.
3M representatives, for their part, said that the worldwide allocation for the Philippines of the N95 mask is only five percent.
However, 3M gave its assurance that it has warned local distributors that anybody found profiteering from the masks would be blacklisted by the firm.