MANILA, Philippines (Eagle News) — The Department of Trade and Industry (DTI) has announced that there will be certain adjustments in the prices of basic commodities such as milk, coffee and canned goods in the country in March.
DTI undersecretary Teodoro Pascua said that the price adjustment was due to the devaluation of the Philippine peso against the US dollar.
According to Pascua, the higher base prices of skimmed milk and tin plates may be partially attributed to the weakening peso.
He said that the price of imported materials has increased in the range of 18.71 percent to 35.67 percent.
Pascua stressed, however, that manufacturers cannot just increase the prices of products. He said that they should first consult the authorities.
“Our procedures require that they consult us beforehand. We still have the mandate of the price law, that we have the authority to determine (the) reasonableness of the price adjustments. We hope they will not be unreasonable in raising prices prior to consultation with DTI,” Pascua said.
Eagle News Service
