Traders warned vs jacking up prices

MANILA, Philippines – The Department of Trade and Industry (DTI) yesterday warned traders who take advantage of the recent typhoon by jacking up prices of basic commodities that they would be dealt with accordingly.

In a statement, Trade Undersecretary Zenaida Maglaya appealed to retailers and traders to avoid profiting from the situation by using Typhoon “Frank” as a basis for raising prices of their products at the expense of the consuming public.

“We need to help, especially those directly hit by the recent calamity,” Maglaya said.

She said the department has intensified the monitoring of the price and supply situations of basic goods and prime commodities to detect and forestall any artificial price hikes.

Maglaya said prices of manufactured products should not increase but added that a typhoon usually results in price hikes for agricultural products like fish and vegetables.

“Prices of manufactured/processed items such as canned fish, processed meat, instant noodles, milk, coffee and condiments, among other manufactured items, remain steady, but we are strictly looking out for movements in certain agricultural commodities such as fish and vegetables. Adjustments in prices of these products normally occur during severe weather conditions,” Maglaya said.

“But we assure the public that these are only temporary increases resulting from the bad weather which made it more difficult to catch fish and transport vegetables from the supply source. Thus, we expect prices to normalize as soon as the weather improves,” she explained.

Maglaya further said that the DTI is working closely with the Department of Agriculture as well as with local government units (LGUs) in stabilizing prices and ensuring enough supply, especially in affected areas.

She shared that DTI Secretary and NPCC chairman Peter Favila has written to all the chairmen of the Local Price Coordinating Council (LPCC) to further intensify monitoring of prices in all cities and provinces nationwide, as well as strictly enforce the price tag law and properly calibrate weighing scales, particularly in wet markets.

“To ensure adequate supply, he (Favila) has directed us to coordinate with manufacturers of basic goods, to check on their inventories to ensure that supply is enough particularly in areas under a state of calamity,” Maglaya said.

“He also directed our field offices to constantly be on the lookout for abrupt price increases on essential food items, especially rice, as well as possible supply shortages owing to problems in distribution because of road blockades,” she said.