DTI intensifies monitoring of manufactured basic and prime goods amidst peso depreciation
The Department of Trade and Industry (DTI) closely monitors the prices of manufactured basic necessities and prime commodities following the depreciation of the Philippine peso.
Last week, peso hit a P50.00 to USD1.00 foreign exchange rate which raised concerns among business and consumers that this may affect prices of basic and prime goods to increase especially those made from imported raw materials.
DTI-Consumer Protection Group (CPG) Undersecretary Atty. Teodoro C. Pascua clarifies, “Based on our regular price monitoring activities in the past few weeks, there are no price increases in any of the products that the Department monitors.”
Although a weak peso can put upward pressure on prices of goods with imported components, the DTI does not see this as an immediate effect on the current prices of manufactured basic and prime goods due to the fact that stocks being sold now in the market were manufactured using imported raw materials that were purchased prior to the depreciation of peso.
On the other hand, a positive effect seen by the DTI in this case is the possible increase in consumption resulting from increased inflow of dollar remittances from Overseas Filipinos.
“In terms of supply, the manufacturers assured the DTI that there is adequate supply of their basic and prime goods until the end of the year especially during the holiday season”, Undersecretary Pascua reports.
The DTI reminds the retailers that the list of Suggested Retail Prices (SRPs) of Noche Buena products that was released last 04 November 2016 still stands while consumers are advised to be guided by this when doing their purchases.
The DTI vows to not be complacent as it continues to intensify its efforts in ensuring reasonableness of prices of goods in the market.