Business
Trade & Industry
Basic goods manufacturers implement voluntary price freeze
Basic goods manufacturers implement voluntary price freeze
Several manufacturers of basic necessities and prime commodities (BNPCs) have voluntarily implemented a 60-day price freeze on select basic goods to address rising prices and mitigate the impact of El Nino on consumers, according to the Department of Trade and Industry (DTI).
In a statement released Friday, May 10, the DTI said that the voluntary price freeze is being implemented on select stock keeping units (SKUs) of canned meat, processed milk, and bottled water, until July 10 this year (60 days).
The price freeze followed after DTI Secretary Alfredo E. Pascual met the BNPC manufacturers for a second "Kapihan with CPG" meeting to tackle prices on basic consumer goods. BNPCs include canned sardines, processed milk, coffee, bottled water, processed and canned meat, condiments, and toilet soap.
Specific items in the price freeze include: 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, Birch Tree Full Cream Milk, Instant Mami Chicken na Chicken, and Instant Mami Beef na Beef.
Pascual commended Century Pacific Food, Inc. (CPFI), CDO Foodsphere, Inc., and Coca-Cola Beverages Philippines Inc. (CCBPI) for their prompt response and commitment to ensuring access to affordable basic goods. The Department expects to receive more advisories from other manufacturers of similar nature.
In the same meeting, the DTI chief also apprised manufacturers and retailers of the Department’s commitment to combat profiteering, hoarding, and cartels through its intensified monitoring efforts across the supply chain, and implementation of the "farm-to-fork" strategy.
The "farm-to-fork" strategy covers the partnership with the Department of Agriculture and Clark International Airport Corporation to establish and support the Clark Mega Food Hub and the Nueva Vizcaya Agricultural Terminal (NVAT)—in collaboration with the United States Agency for International Development-Strengthening Private Enterprises for the Digital Economy (USAID-SPEED).
Pascual proposed establishing a direct linkage program between farmers and retailers to further streamline the supply chain and potentially lower costs. He encouraged the cooperation of retailers in pursuing this specific initiative.