Price Increase in Basic Goods and Commodities Approved by DTI
PRICE INCREASE IN BASIC GOODS – The Department of Trade and Industry (DTI) approved a price hike on basic goods and commodities.
The Philippines is facing a lot of problems now caused by the COVID-19 pandemic. Several businesses had no choice but to temporarily or permanently shut down amid the crisis. Many Filipinos lost their jobs following the closure of several firms.
Not only small but even big businesses were affected by the pandemic. There is also a rise in the costs of several materials used in producing some of the basic goods and commodities. Thus, the Department of Trade and Industry (DTI) approved the proposed price increase in basic goods and commodities.
Based on a report on ABS-CBN News, Trade Undersecretary Ruth Castelo explained that they studied the raw materials used in producing certain basic goods and commodities and they saw an increase in the prices. She stressed that the proposal of price hike went through a thorough study.
Castelo stressed that if the businesses will not be granted the permit to increase the prices of their products and they will shut down, their labor force will be totally wiped out. Based on the report, the affected products in the price hike include the sardines, meat canned goods, instant noodles, salt, detergent soap, shampoo, coffee, and battery.
The price increase in basic goods and commodities allowed by DTI is only 10%. It will range between P0.25 to P1.50 per item.
Business owners say that the increasing prices of goods and commodities is one of the first challenges to the new administration. According to businessmen, if the hike will not be stopped, the sales may also drop and it may result to chaos.
Philippine Amalgamated Supermarkets Association President Steven Cua appealed that the price hike will not be continuously implemented because the people are still financially struggling.
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