THERE is no indication yet of an increase in the prices of basic goods, according to Steven Cua, president of the Philippine Amalgamated Supermarkets Association.
The group is composed of supermarket operators serving the middle and mass markets in the country.
“Nobody can predict a price increase since it is decided by suppliers. Retailers only pad certain margins on goods supplied by manufacturers or distributors,” Cua told The Manila Times in a text message on Monday.
“If manufacturers decide not to increase prices, even if their cost of production or operations has increased, it is their choice, and distributors or retailers have no reason to adjust prices. Supermarkets follow this pattern,” Cua added.
Over the weekend, Trade Secretary Cristina Roque warned retailers against hoarding basic necessities and prime commodities, and engaging in profiteering as fuel prices jumped amid the raging war in the Middle East.
“These illegal practices will not be tolerated,” Roque said.
Basic necessities are goods vital for survival, such as rice, bread, fish, fresh meat, milk, vegetables, cooking oil, salt, laundry soap and essential drugs.
Prime commodities, which are essential but not directly for daily survival, include flour, processed meat, dairy, vinegar, soap and school supplies.
These are subject to price monitoring under Republic Act 7581.
Violators of RA 7581, as amended by RA 10623 or the “Price Act,” face stiff penalties for hoarding, profiteering, or illegal price manipulation, especially during emergencies.
Penalties include 5 to 15 years imprisonment and fines ranging from P5,000 to P2 million, along with potential deportation (in the case of foreigners) and business permit cancellation.
On the issue of a price freeze on goods, Cua — who is a member of the National Price Coordinating Council (NPCC) — said it is not necessary at this time.
