Makers freeze prices of select items until July 10

MANILA, Philippines — Some manufacturers are implementing a voluntary price freeze until July to help address the impact of El Niño on prices of goods, according to the Department of Trade and Industry (DTI).

In a statement yesterday, the DTI said several manufacturers have decided to voluntarily implement a price freeze on select stock keeping units of bottled water, canned meat and processed milk until July 10.

Those included in the voluntary price freeze are Wilkins Distilled Bottled Water, Viva Mineralized Bottled Water, CDO Luncheon Meat, CDO Meat Loaf, Bingo Corned Beef, Bingo Beef Loaf, CDO Beef Loaf, 555 Meat Loaf, Argentina Meat Loaf, Argentina Corned Beef, Argentina Beef Loaf, 555 Beef Loaf and Birch Tree Full Cream Milk. 

The voluntary price freeze is being implemented following the meeting of Trade Secretary Alfredo Pascual with manufacturers of basic necessities and prime commodities last May 3, to discuss how to address the risk of increasing prices due to El Niño.

Pascual commended Century Pacific Food Inc., CDO Foodsphere Inc. and Coca-Cola Beverages Philippines Inc. for the move showing their commitment to help ensure access to affordable basic goods. 

“The Department expects to receive more advisories from other manufacturers of similar nature,” the DTI said.

Earlier, the DTI said several manufacturers and retailers have expressed openness to implementing a voluntary price freeze.

Under the Price Act, prices of basic goods are automatically frozen at prevailing prices up to 60 days in an area declared to be under a state of calamity. 

During the recent meeting with manufacturers and retailers, Pascual emphasized the DTI’s commitment to combat profiteering, hoarding and cartels by stepping up its monitoring across the supply chain and implementation of the “farm-to-fork” strategy.

The “farm-to-fork” strategy involves the partnership with the Department of Agriculture and Clark International Airport Corp. for establishing the Clark Mega Food Hub and the Nueva Vizcaya Agricultural Terminal in collaboration with the United States Agency for International Development-Strengthening Private Enterprises for the Digital Economy.

To further streamline the supply chain and potentially bring down costs, Pascual also proposed establishing a direct link between farmers and retailers.

Price control call

Sen. Francis Tolentino’s urgent call to the DTI for price control in the face of a severe dry spell has been approved, as confirmed on Friday by DTI Assistant Secretary Amanda Marie Nograles.

“With the positive response of the DTI to our suggestion to impose price control because of El Niño, the prices of certain commodities will be controlled even without the government declaration of a state of calamity,” Tolentino said.

Nograles informed Tolentino that the DTI immediately called for a meeting to look into price control by freezing the prices of some commodities and invited manufacturers to get their response.

“We discussed the possibility of some sort of voluntary price freeze of manufacturers as one form of bayanihan because we are experiencing El Niño and inflation,” she said.

Nograles thanked Tolentino for suggesting a price freeze on some commodities because the consumers are feeling the brunt of the El Niño phenomenon, while the government has not declared a state of calamity.

The DTI executive said they expect to announce the full list next week.