The Department of Trade and Industry (DTI) has issued a public assurance that the supply and prices of basic necessities and prime commodities (BNPCs) remain stable across the Philippines. This statement comes in response to Executive Order No. 110, which declares a State of National Energy Emergency, aiming to address potential disruptions in the global oil supply chain.
No Automatic Price Freeze in Effect
Contrary to some public speculation, the DTI clarifies that an automatic nationwide price freeze under the Price Act (Republic Act No. 7581) is not currently activated. Executive Order No. 110 is a targeted measure designed to preempt inflationary pressures by stabilizing the cost of moving goods through the UPLIFT (Unified Package for Livelihoods, Industry, Food, and Transport) Program, which provides subsidies to the transport and agriculture sectors.
Voluntary Industry Commitment to Price Stability
In a significant show of cooperation, 21 major manufacturers of essential goods have formally pledged to maintain their current prices for the next 30 to 60 days. These manufacturers produce items such as canned sardines, bread, bottled water, instant noodles, and coffee. This voluntary commitment ensures fair pricing without the need for mandatory government intervention, reflecting strong private sector support for consumer interests.
Adequate Inventory and Vigilant Monitoring
The DTI reports that inventory levels for BNPCs are sufficient nationwide, with no shortages that could justify artificial price spikes. While a formal price freeze is not in place, the department's consumer protection teams are on heightened alert. They are actively monitoring compliance with the Suggested Retail Price (SRP) bulletin and checking BNPCs without SRP to prevent profiteering or hoarding.
Any retailer found engaging in profiteering, defined as raising prices by more than 10 percent without justification, or hoarding will face strict legal consequences, including administrative fines and potential imprisonment. The DTI emphasizes its commitment to balancing consumer protection with the economic realities faced by local manufacturers.
The public is encouraged to remain calm and report any unreasonable price increases to the DTI Consumer Care Hotline at 1-384 (1-DTI).
