DTI formally asks manufacturers to slash prices

By Alvin Elchico, ABS-CBN News

Posted at Dec 04 2014 03:35 PM | Updated as of Dec 04 2014 11:35 PM

MANILA – The Department of Trade and Industry (DTI) has sent out letters formally asking manufacturers and other members of the National Price Coordinating Council to reduce prices of goods due to the massive reduction in fuel prices.

Trade Undersecretary Vic Dimagiba said businesses are being asked to come up with their own computation that will be compared to DTI's own computation of the supposed reduction reflecting the decrease in fuel prices.

In the next few days, Dimagiba said the DTI will release the list containing the computation of the estimated reduction in the prices of basic and prime commodities.

He added that the DTI has also coordinated with the Land Transportation and Franchising Regulatory Board and the Civil Aeronautics Board on the supposed reduction in fares and fuel surcharge.

He also said the government is serious in asking for a reduction in the prices of goods and services after the hefty slash in fuel prices since the early part of 2014.