DTI: Don't panic, supply of basic goods stable

The Department of Trade and Industry (DTI) on Thursday asked the public not to resort to panic buying as the country has a stable supply of basic goods. “The increase in prices of petroleum products has minimal effect in the costs of basic and prime goods, and there are other cost factors to be considered such as price of raw materials, supply and demand situation, seasonality of products, among others," DTI Undersecretary Zenaida Maglaya explained. [See: FAO warns on oil price spikes as world food prices hit record] Panic buying “will not do any of us any good," added Steven Cua, president of the Philippine Amalgamated Supermarkets Association Inc., noting that consumers have not yet started panic buying in supermarkets and groceries. Against overpricing Maglaya said the DTI is on its toes against overpricing among traders and retailers. “Aside from the regular DTI price monitors, the department deploys additional employees from its regional and provincial offices and head offices to survey markets nationwide and check on the prices of basic goods," the undersecretary added. The agency had earlier requested local government units to regularly update the price billboards in wet markets, and to inspect weighing scales and price tags as part of DTI’s moves against abusive traders. Maglaya said, “With this nationwide market monitoring, DTI would be able to cover more markets and get a bigger picture of the current commodity price situation in the country." The DTI will demand that retailers explain themselves for selling goods at prices over the suggested retail price (SRP), Maglaya said. She added that the agency may summon manufacturers and distributors who do the same. The Price Act, or Republic Act 7581, imposes a fine of up to P1 million for overpricing, and a maximum P2 million on top of a 15-year imprisonment for price manipulation. Maglaya also urged consumers “to be vigilant and to take time to carefully compare prices of goods to be purchased." “Not all brands of products have increased their prices, thus consumers have the option to try other brands aside from what they usually purchase to suit their budget," she added. — With Paterno Esmaquel II/VS, GMA News