DTI monitors prices in tornado-hit areas

CEBU, Philippines - After a tornado hit the town of Minglanilla and the city of Talisay last Tuesday afternoon, the Department of Trade and Industry – Provincial Office conducted an emergency price monitoring report the day after to check if there has been price increase in construction and electrical materials sold in both areas.

Last June 18, a tornado that reportedly lasted for 20 to 30 minutes destroyed and damaged a number of houses, classrooms and business establishments.

According to Philippine Atmospheric, Geophysical and Astronomical Services Administration Mactan station chief Oscar Tabada, the tornado started from a waterspout and reached an intensity of more than 200 kilometers per hour with a diameter of less than one kilometer. 

Areas that were affected include the Villa Feliza and Deca Homes Phase 3 in Barangay Tungkil and Barangay Calajoan in Minglanilla and barangays Mohon and Pooc in Talisay City.

In an interview with DTI Consumer Welfare and Business Regulation Division chief Zaide Bation, the trade department immediately conducted an emergency price monitoring evaluation last Wednesday in response to the calamity that affected several households.

She said that this was intended to check if there has been any price movement on the construction and electrical materials sold in those calamity areas.

She added that there might be a tendency that some hardware and construction stores would take advantage of the increased demand for such materials due to the structural damage brought about the tornado.

In conducting the price monitoring evaluation, DTI representatives shall personally check various establishments and inspect the pricing rates of the manufacturers and retailers.

The recent evaluation will then be compared in the price monitoring reports three months before the calamity struck.

Bation noted that the market has reported price stability in the past months.

Once it is proven that a particular establishment has increased its price list, DTI shall call the attention of the owner who will be then asked for an explanation why the price increase was attuned with the calamity.

Bation added that the trade department will also analyze the supply chain and evaluate the main supplier of the construction and electrical materials who could have triggered the price increase with the retailer.

She also said that they will also check on the possibilities of panic buying and ensure that there is sufficient supply of those materials that are useful with the rebuilding of houses and establishments in Minglanilla and Talisay.

As of this Wednesday, Bation stated that there has been no price movement reported the day after the calamity but added that the DTI shall evaluate the same calamity areas again next week.

Aside from construction and electrical materials, the weekly monitoring report conducted by DTI usually during Fridays also include the prices of canned sardines, processed milk, coffee, detergents, bread, salt, flour, processed pork and beef, noodles, condiments, toilet soaps, batteries, candles and school supplies. /JOB (FREEMAN)