Government agencies are looking at stockpiling of basic agriculture goods, including frozen meat, and imposition of price ceiling to ensure enough supply and stable prices amid rising oil prices following a blownout Russia-Ukraine war.
Trade and Industry Undersecretary Ruth Castelo said at the Laging Handa Public Briefing that the Department of Trade and Industry and other government agencies are discussing stockpiling of frozen pork, mostly imported, and chicken from local sources.
DTI and government agencies can also recommend to the President the imposition of price ceiling, if necessary, on certain products to ensure stable prices of basic necessities and prime commodities (BNPCs).
Castelo said the stockpiling is being discussed initially of frozen pork, mostly imported, and chicken from local sources.
Castelo, however, said the impact of the high oil prices is not immediate but could take some time because some of the basic manufactured consumer goods have inventory that could last as 90 days.
“It will be about three months before we see the effect of the crisis. So we hope this will end soon. We have enough supply of products as of the moment,” said Castelo.
So far, she said, the DTI has only received one request for price adjustment from the sardines manufacturers due to the higher cost of sardines, not oil.
She also urged the public not to panic. Ifever there will be price adjustments, Castelo said the DTI will temper the rate of increase.
Castelo also said that prices and supply of BNPCs in the country are stable amid the circulating price hike rumors.
On Friday, March 4, Castelo led the DTI surveillance and monitoring team on seven establishments covering personal care services, cinemas and movie houses, recreational venues, dine-in and take-out restaurants, supermarkets, and fitness and gym venues.
She explained that the Price Act has a mechanism that grants automatic price freeze during a state of calamity which will have to be declared by the President.
For DTI, this would basic and prime commodities that are manufactured food products and some non-food items. But she also said that manufactured goods have 30-90 days in inventory levels.
She also cautioned manufacturers to go easy on requesting for adjustments in the suggested retail prices for basic needs and prime commodities because the release of new SRPs implies higher prices of listed items. The latest suggested retail prices took effect on Jan. 27, 2022.