Several manufacturers in the Philippines have agreed to implement a voluntary price freeze until July to help mitigate the impact of El Niño on prices of goods, according to the Department of Trade and Industry (DTI).
In a statement released, the DTI announced that select stock keeping units of bottled water, canned meat, and processed milk will have a price freeze until July 10. The products included in this 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 decision to implement the voluntary price freeze came after a meeting between Trade Secretary Alfredo Pascual and manufacturers of basic necessities and prime commodities on May 3 to address the risk of increasing prices due to El Niño. Century Pacific Food Inc., CDO Foodsphere Inc., and Coca-Cola Beverages Philippines Inc. were commended by Pascual for their commitment to ensuring access to affordable basic goods.
The DTI mentioned that they expect to receive more advisories from other manufacturers regarding similar price freezes. The agency also emphasized their commitment to combat profiteering, hoarding, and cartels by increasing monitoring across the supply chain and implementing the “farm-to-fork” strategy, which involves partnerships with other government agencies and private enterprises.
Additionally, Senator Francis Tolentino’s call for price control in response to the dry spell has been approved by the DTI. Assistant Secretary Amanda Marie Nograles confirmed that prices of certain commodities will be controlled without the need for a government declaration of a state of calamity. Nograles thanked Tolentino for suggesting the price freeze on some commodities, acknowledging the impact of El Niño on consumers.
