PRICES of basic necessities and prime commodities (BNPC) remained stable as the US-Iran war entered its fifth day, Trade Secretary Cristina Roque said on Wednesday.
“For now, there are no movements [in prices],” Roque told reporters at the Philippines-Korea Business Forum in Manila.
The Trade department must get accurate information before it makes any announcement, she said, adding that the department has yet to decide whether to impose a price freeze.
“We’ll meet the manufacturers soon. We always want what’s best,” she said.
The DTI is also awaiting guidance from Energy Secretary Sharon Garin on oil market movements to evaluate the potential impact on consumer goods, Roque said.
The Philippine Chamber of Commerce and Industry has called on the government to conduct buffer stocking and price monitoring of basic goods and services in response to the war on Iran.
Agimat Party-list Rep. Bryan Revilla, meanwhile, has said that the administration must consider a price freeze for essential consumer items covered by emergency provisions in the Price Act as well as other mechanisms to protect the public in case the Middle East situation worsens.
A spike in fuel prices will surely affect food and other basic goods, Revilla said.
Fuel subsidies
Meanwhile, the Department of Agriculture (DA) on Wednesday said it would release P100 million in fuel subsidies to farmers and fisherfolk amid a looming oil price hike due to the latest Middle East conflict.
The P100 million — to be split evenly between farmers and fisherfolk — is the unspent part of the DA’s P150-million fuel subsidy budget for 2025 “so we will use it now,” spokesperson Arnel de Mesa said
Based on Memorandum Circulars 35 and 42 released last year, qualified farmers and fisherfolk will receive a one-time P5,000 and P3,000, respectively.
To qualify, farmers must be registered in the DA’s Registry System for Basic Sectors in Agriculture (RSBSA), and own or rent farming machinery.
Fishers must be listed in either the RSBSA or the Bureau of Fisheries and Aquatic Resources’ Fisherfolk Registration System, use a motorized boat of three gross tons or less, and use fishing gear and practices that are compliant with the Philippine Fisheries Code.
Those who have not received previous fuel subsidies will be prioritized.
The funds will be released through intervention monitoring cards (IMCs) issued by the DA in partnership with the Development Bank of the Philippines and fintech partners. The cards may be used to pay participating merchants. Those without IMCs may get vouchers instead.
Some 9,700 farmers and 15,800 fisherfolk are eligible to receive the subsidy.
The Department of Budget and Management may release a P50-million balance from the DA’s 2025 fuel subsidy budget, which is valid until the year-end, if oil prices hit $80 per barrel, de Mesa said.
