Amid potential price spikes caused by the El Niño phenomenon, manufacturers and retailers are considering a voluntary price freeze on essential goods, the Department of Trade and Industry (DTI) revealed.
During a recent meeting with Trade Secretary Alfredo Pascual, representatives from major companies such as Monde Nissin Corp., Unilever Philippines Inc., Coca-Cola Beverages Philippines, and others expressed their willingness to participate in the initiative.
Discussions on the voluntary price freeze are ongoing, reflecting the DTI's proactive stance in addressing the risk of sharp price increases due to El Niño.
According to the Price Act, prices of basic necessities can be frozen at prevailing rates for up to 60 days in areas under a state of calamity.
Pascual highlighted the DTI's commitment to monitoring market conditions, advocating for consumer rights, and navigating challenges with industry collaboration.
Assistant Secretary Amanda Nograles noted the broad impact of the voluntary price freeze, extending its benefits to all Filipino consumers.
The meeting also covered DTI's ongoing projects, such as the Clark Mega Food Hub and the Nueva Vizcaya Agricultural Terminal Online, aimed at bolstering connections between farmers and retailers, supporting the local economy, and ensuring food affordability.
Pascual reiterated the DTI's dedication to balancing consumer protection with fostering a conducive business environment, especially during challenging times like the El Niño period.
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