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Wednesday May 7, 1:51 PM
Prime Commodity Prices Remain Stable in Philippines: OFFICIAL MANILA, May 7 Asia Pulse - Prices of prime commodities remain stable even after the P1 increase in petroleum products over the weekend.
"The P1 was rather big but it should not cause our consumers to worry that it would be preceded by an increase in prices of basic commodities," Favila added. It can be recalled that there have been weekly adjustments of fifty centavos on petroleum prices, but it has not been enough to warrant increases in prices of goods. Fuel prices have minimal effect on the cost of prime commodities. There are other factors that should be considered such as cost of major raw material inputs, seasonality and the weather, particularly for agricultural products so this should not be used as an excuse for businesses to jack up prices, Favila said. Trade and Industry Undersecretary for Consumer Welfare Zenaida C. Maglaya explained that major raw materials that impact prices more are tin cans, skimmed milk powder and wheat. These are sectors that the government is closely watching to determine the movement in the price of basic goods in the market," she said. The P1-per-liter increase will probably affect small retailers who transfer goods from one market to another because of additional cost in the transport of goods, Undersecretary Maglaya said. Thus, Maglaya urged small stalls in markets to consolidate requirements, buy in bulk and avail of lower prices from manufacturers or wholesalers. "Suppose some manufacturers are intending to implement an increase in their prices, it should not be felt immediately because of existing inventory. Factors such as marketability of their products vis-a-vis competitor and substitute products also have to be considered. At present, we believe that manufacturers can still absorb the fuel price increase rather than pummel consumers with a round of adjustments," Maglaya added. Concerning reports that there will be more fuel adjustments, Maglaya said it would be better to wait if these increases materialize before making any pronouncements on its impact on the price of prime commodities. "We should not unnecessarily alarm consumers. On the contrary, this must spur consumer to increase vigilance in the market," she added. She also noted that the price of rice has stabilized and in some markets have gone down with summer harvests coming in. Likewise, she cited stable prices for canned fish and meat, powdered milk, coffee, toilet soap, detergent bar, batteries and other processed goods monitored by the DTI. Meanwhile, aside from rice and pork, other agricultural products have remained stable compared to last month's prices. Fully-dressed chicken maintained the P110-P120 level, while eggs at P4 are P0.25 less than its price a month ago. Bangus, tilapia and galunggong remain stable at P90, P80 and P100 per kilo, respectively. Price of well-refined sugar and brown sugar was maintained at P38 and P32, its price since December of last year, while bottled cooking oil 375ml (lapad) is monitored at P28, its prevailing price since March. Maglaya reminded consumers to practice wise buying to get the best value for their hard-earned peso. One of the ways is to practice comparing prices. With so many brands to choose from with varying range of prices, the consumers can exercise their right to choose and buy one which suits their budget best, Maglaya said. The Undersecretary also assured that DTI will continue monitoring efforts and increase visibility in the markets and publish guide prices. She also urged the public to report complaints on quality and price of basic goods to DTI Direct 751-3330 open from Monday to Saturday from 8am to 5pm. Complaints may also be texted to DTImessage and send to 2920 for both Globe and Smart subscribers. (PNA)
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