DTI says hard to stop rising commodity prices

ABS-CBN News

Posted at May 20 2022 05:45 PM

Watch more News on iWantTFC

Video from PTV

MANILA - The Department of Trade and Industry (DTI) on Friday said it couldn't keep the prices of some commodities low because cost of raw materials have increased.

"Hindi na natin mapigilan na hindi magalaw, hindi magalaw iyong presyo dahil sa nagtataas na presyo ng raw materials naman na ginagamit nila, major ingredients nila sa paggawa," Trade Undersecretary Ruth Castelo said in a televised briefing. 

(We cannot stop the price from moving because the price of raw materials also increased. These are the products' major ingredients.) 

The agency is however constantly monitoring the price movement of some goods, after recently approving the price hike of some commodities.

Castelo said only the price of 82 basic necessities and prime commodities in the suggested retail price (SRP) bulletin had an increase out of their 212 stock keeping units (SKUs). 

DTI released a new SRP list last week, showing the new set of minimum increase for some products. 

"Lahat ng mga supermarkets and groceries ay covered nito kasi hanggang tier 2 level tayo ng supply chain nagmo-monitor. So dito sa mga bilihan na ito, sigurado tayo na sumusunod sa suggested retail price natin ang mga retailers," noted Castelo 

(All supermarkets and groceries are covered by this because we are monitoring until the 2nd level of the supply chain. We are sure that they are following the SRP in these establishments.)
 
Aside from monitoring the SRP in groceries and establishments, she said her agency is making sure that the price of goods will be maintained, as they also monitor the supply of retail and manufacturing given the demand.

Castelo added that they cannot assure the public that SRP will be followed in retail stores because their "supply chain mechanism is different."

"[Ang] hindi lang natin covered ay iyong mga nasa convenient store na, at saka mga sari-sari stores... Ibang nature na iyon eh. So hanggang supermarkets and groceries po, sigurado tayo na bastante ang presyo,"

(We cannot cover those in the convenient stores and sari-sari stores because they have a different nature when it comes to supply. We can only monitor those in supermarkets and groceries.) 

The Department of Agriculture (DA) this week warned of a "looming food crisis" due to the COVID-19 pandemic, high fuel costs, and the impact of Russia's Ukraine invasion.

The agency said the Philippines is prepared for this challenge as it has enough food supply, and that it is looking to further increase production.