DTI Region 2 conducted an introductory meeting re: Price Watch Region 2 on 9 August 2022 at the Negosyo Center Building, DTI Region 2, Tuguegarao City, Cagayan.

The meeting sought to establish a collaboration among member agencies of the government’s economic cluster, namely: the Department of Trade and Industry (DTI) Region 2, National Economic Development Authority (NEDA) Region 2, and Philippine Statistics Authority Region (PSA) 2. The composite group will be called “Price Watch Region 2”, which shall be in charge of the monitoring and processing of economic indicators vis-à-vis the prices in the region. The group can also serve as an advisory group to study proposed measures to address the issues and concerns raised by prices and their possible repercussions in the economy.

DTI Regional Director Leah Pulido Ocampo said there are a lot of intervening factors that are putting pressure not only on the production but also on the behavior of consumers. As one of the agencies tasked with monitoring prices, it is of paramount importance to fully understand the underlying economic factors that truly affect the prices of commodities.

Atty Cyrus Restauro, DTI Consumer Protection Division Chief, shared the objectives, rationale, and ways forward for the Price Watch Region 2 as an introduction. Atty. Restauro elucidated that economic indicators and prices are intertwined concepts that cannot be understood in isolation. While economic indicators say a lot about prices, it can also be the other way around. To understand the dynamics of the economy and the market, there must be a holistic understanding of the overriding factors affecting both of them. Thus, this initiative.

Ms. Karyll Gem B. Ferrer, Senior Economic Development Specialist of National Economic and Development Authority (NEDA) Region 2, also shared how the data gathered by the PSA is being analyzed and summarized in a regular report called the Quarterly Regional Economic Situationer (QRES). The QRES is a report that reflects the performance assessment of the regional economy during a certain period and highlights the various socioeconomic indicators.

Ms. Mary Jane A. Cabauatan, Chief Statistical Specialist from the Philippine Statistics Authority, discussed comprehensively the meticulous data gathering, the computations, and the factors affecting the numbers reflected from the gathered data. Ms. Encarnacion Recerra, Administrative Assistant VI, was also present to share her knowledge by answering questions from the plenary and filling in the details for things that needed to be clarified. Ms. Recerra likewise shared her experiences in gathering data in the field.

As one of the group’s ways forward, “Price Watch Region 2” will formally be organized, with an expanded membership including other agencies involved in monitoring prices of various commodities.

Present also during the meeting were representatives from the DTI Provincial Offices, Ms Josah Langcay and Ms Cherryll Dumayag, from Cagayan, Mr. Lovell Mark Campania, from Isabela, Mr. Dominic Salvador, from Quirino and Ms. Rowena Mayangat from Nueva Vizcaya.

Release of date: 25 August 2022