THE supply and prices of basic necessities and prime commodities (BNPCs) remain stable nationwide, the Department of Trade and Industry (DTI) said on Friday.
“Our latest monitoring shows that inventory levels for basic necessities remain sufficient. There is no shortage of supply that would justify artificial price spikes,” DTI said.
There is no automatic nationwide price freeze on goods, the agency clarified, despite President Ferdinand Marcos Jr.’s signing Executive Order (EO) 110 declaring a state of national energy emergency in response to the oil price shock caused by the Iran war that has spread to other Middle East countries.
The Philippines imports 98 percent of its crude oil needs from the Middle East, making it highly vulnerable to supply disruptions caused by the virtual closure of the Strait of Hormuz.
DTI said EO 110 activates the government’s Uplift (Unified Package for Livelihoods, Industry, Food and Transport) program which provides subsidies to the transport and agriculture sectors.
“By stabilizing the cost of moving goods, the government is proactively preventing the very inflationary pressures that would otherwise necessitate a price freeze,” DTI explained.
Some 21 major manufacturers of essential goods — including canned sardines, bread, bottled water, instant noodles and coffee — have pledged to maintain their current prices for the next 30 to 60 days, the agency said, noting that “this industry-wide cooperation ensures that prices remain fair without the need for mandatory government intervention.”
Nonetheless, DTI’s consumer protection groups are on heightened alert.
“We continue to check compliance with the suggested retail price (SRP) bulletin and monitor BNPCs without SRP,” the agency said, warning that “any retailer found engaging in profiteering (raising prices by more than 10 percent without justification) or hoarding will face the full force of the law, including administrative fines and potential imprisonment.”
Violators may be fined from P5,000 up to P2 million. Habitual offenders face imprisonment of five to 15 years.
Republic Act (RA) 7581, as amended by RA 10623 — or the Price Act, mandates DTI and other implementing agencies, including the Department of Agriculture, to ensure the availability of BNPCs at reasonable prices at all times.
