Favila visited two wet markets last weekend to personally check on the latest prices of basic goods and to remind traders to reflect the true cost of their products.
Favila observed that majority of the vendors have not yet increased their prices.
Favila said that retailers should not immediately raise the prices of processed canned goods following reports that the cost of tin cans went up by five percent.
Favila reasoned out that he has received a commitment from Henry Tañedo of the Tin Can Manufacturers Association of the Philippines (TCMAP) that the tin can manufacturers would hold their prices until such time that their current inventory is depleted.
"Sellers should maintain the prices of their existing inventory because the tin cans that were used for their current supplies have not yet been affected by the price adjustment," Favila said.
The price increase on tin cans is expected to slightly influence the retail price of canned products such as sardines, milk, corned beef and luncheon meat.
Favila has already instructed DTI’s concerned offices to step up their price monitoring efforts in order to prevent possible price gouging acts in the market.
At the same time, Favila asked the public to report to the DTI any knowledge of price manipulation and other illegal trade practices.
"Let us be proactive, vigilant consumers and help the government bring swift and tough action to these unscrupulous business persons," Favila said.
The DTI’s Consumer Hotlines (8977-384, 7510-384 locals 2222 and 2223) are open during office hours to accommodate reports, complaints and concerns on consumer welfare.