Prices of basic goods stable, says DTI

INQUIRER FILE PHOTO

The prices of basic commodities stayed generally stable and within the suggested retail price, the Department of Trade and Industry (DTI) said Thursday.

At the same time, the DTI assured the public that there was an adequate supply of goods despite the implementation of a price freeze in areas declared under a state of calamity.

During a price monitoring visit at Mega Q-Mart in Quezon City, Trade Secretary Gregory Domingo said that except for prices of vegetables and galunggong (brown scud) as a result of bad weather, the prices of basic commodities remained stable.

“Owners of supermarkets, wet markets and major manufacturers assured us that there is enough supply and there is no panic buying happening,” Domingo said.

He noted the reported shortage of instant noodles and sardines was due to bulk buying for relief operations.

Trade department officials said they would meet with manufacturers to discuss the possibility of setting up a supply center where goods could be purchased for relief operations in a bid to avoid supply shortages in supermarkets.

Domingo said that a freeze in prices would automatically be implemented in areas under a state of calamity.

The prize freeze will be in effect until the state of calamity is lifted.

“We are working with local government units in monitoring the prices of goods to ensure that retailers do not violate price controls,” Domingo said.

He said that retailers found violating the price freeze would be fined from P1,000 up to P1,000,000 and their goods confiscated. Ana Roa