President Arroyo ordered yesterday the country’s economic managers to check supplies and prices of basic goods during the holiday break.
Executive Secretary Eduardo Ermita said the President issued the statement as oil companies slashed anew pump prices as global crude costs continued to drop due to the looming global recession.
“There is an ongoing instruction from the President for the price stabilization council and economic managers – to include (Agriculture) Secretary (Arthur) Yap – on keeping basic goods affordable and ensuring their adequate supply,” Ermita said.
He noted that Yap is already “out in the field inspecting prices in the public and private markets.”
“These are among the measures to prevent escalation of prices of basic commodities,” he said.
Last month, President Arroyo scrapped import duties on wheat and cement for six months to ensure stable prices of bread and other food products and help lower the cost of construction.
Trade and Industry Secretary Peter Favila said the executive orders scrapping the tariffs will be reviewed after six months.
“This (zero tariffs) is part of government intervention to ensure prices remain at affordable levels,” Favila said. “It’s appropriate now to have these EOs issued because this is what consumers and the public at large are expecting.”
Mrs. Arroyo said in Executive Order No. 765 that “a reduction on tariff on food wheat would help stabilize the price of bread and other baked food products.” – Paolo Romero