MANILA, Philippines - Despite the profiteering complaint lodged by the Department of Trade and Industry (DTI) against flour millers, there are reports that some millers are still selling flour at P780 per bag.
In an interview after the meeting with the bakers, Trade Regulation and Consumer Protection Executive Director Victorio Dimagiba said that majority of the millers are now selling their flour at P740 per bag but there was a report that flour was still being sold at P780 per bag.
The DTI is asking millers to sell flour between P630 and P680 per bag.
During the meeting, Dimagiba said bakers informed the department that there is no new price roll back.
In an earlier interview, Philippine Association of Flour Millers (PAFMIL) Executive Director Ric M. Pinca said that ex mill price of flour is already at P700 to P710 per bag while the delivered price of flour per bag is at P735.
Gardenia president Simplicio Umali said that if flour millers agree to sell at P680 per bag, bread prices can further go down by P1.50 per loaf and 75 centavos for every 10 pack pan de sal.
When asked what the ideal price of flour is considering the wheat price in the world market, Umali said flour prices should be at P620 per bag. Once flour prices hit P620, loaf bread prices will go down another P1.50 bringing the price adjustment to a total of P3.50.
“We hope flour prices continue to drop so that we can lower the price of bread and consumers will be able to enjoy the benefits,” Umali said.