MANILA, Philippines - The Department of Trade and Industry (DTI) yesterday appealed to bakers and flour millers to hold off any more price increases after loaf bread prices went up by P2 on Monday.
The DTI has also enlisted the help of local government units (LGUs) to help protect consumers from unscrupulous businessmen by aiding them in their price monitoring efforts.
The trade department’s move was made amidst the latest report from the US wheat organization showing that futures prices went up this week as dry weather in the US plains continue. The Philippines imports its wheat from the US.
Calls to the Philippine Association of Flour Millers (PAFMIL) were left unanswered as of press time while bakers maintain that for every P40 increase in the price of flour per bag, they will adjust loaf bread prices by P1.
“The bakers and the millers are entitled to price adjustments but we are asking them to delay the increases and make sure that the increase is reasonable and is not profiteering,” Domingo said in Filipino.
In an interview shortly before he left for Indonesia Monday night, Domingo said that they are using “moral suasion” to convince bakers to not adjust their prices anymore.
On the upside, Domingo said he is glad that the price of Pinoy Tasty is still at P38.00 per loaf. “We are happy that the bakers are absorbing some of the cost.”
In a letter dated Feb. 24, Domingo called on LGUs to regularly update the price billboards in wet markets, set up a Timbangan ng Bayan and price billboards in wet markets, regularly inspect the weighing scales and regularly check on the price tags in all retail outlets including wet markets.
The letter was given to all 122 city mayors and 1,511 municipal mayors who act as heads of their respective Local Price Coordinating Council.
Domingo also instructed all DTI regional and provincial directors to coordinate with local officials in monitoring prices of basic commodities in the wet markets and inspecting the price tags, billboards and weighing scales.
“We are mobilizing the Department and coordinating with local government units to ensure that prices remain affordable and prevent unscrupulous businessmen from taking advantage of the spikes in oil prices as a reason for jacking up prices in the market,” he said.