Trade Secretary Alfredo E. Pascual said the Department of Trade and Industry (DTI) would intensify its price monitoring drive to mitigate the effects of rising inflation to consumers.
Pascual said the country needs to adopt a “whole-of-government” approach in managing inflation, while pursuing food security and a “more stable” market prices for basic necessities and prime commodities (BNPCs).
“From our end, we will also intensify our price monitoring efforts, ensuring that Filipino consumers will not fall victims of unfair and unjust business practices,” the trade chief assured.
Pascual also noted that the DTI will continue meeting various organizations across sectors and industries to discuss the possibility of lowering the prices of products in the market.
“Nais naming siguraduhin na may sapat na pagkain sa hapag ng bawat pamilyang Pilipino,” he said.
Based on the recent data released by the Philippine Statistics Authority (PSA), the country’s inflation rate slowed to 8.6 percent in February.
In a virtual briefing on Tuesday, National Statistician Claire Dennis S. Mapa said transport costs slowed to 9 percent in February from 11.1 percent in January 2023.
However, Mapa noted that out of the 13 commodity groups, nine commodity groups have continued to post increases.
The trade chief also stressed, “We must intensify our campaign to lower the prices of BNPCs, especially agricultural products.” In line with this, Pascual called on Local Price Coordinating Councils to work with DTI in price and supply monitoring and stabilization.”
“We at DTI will continue to work on improving the country’s agri value chain and expanding access to affordable agri products in local markets,” Pascual noted.
He also emphasized that the agency must address challenges to the supply of food products in the country that drive market prices up.
Last month, Pascual said the Philippines would be able to beat inflation with programs on logistics in place and investments secured for the energy sector.
The DTI chief said in a televised interview in February that the logistics programs underway is one solution to beat inflation, “because if we can cut down the cost of logistics from the current 27 to 30 percent of cost of produce…that will be a big drop in the cost to consumers of agricultural products, for example.”
Among the programs earlier cited by Pascual is the Logistics Efficiency and Transport Seamlessness to Enhance Agribusiness Trade (LETS EAT Program), that is “highly focused” on improving road infrastructure along truck routes, which are used to transport food and agribusiness products to markets, manufacturing centers, ports and airports, and logistics facilities, such as warehouses and cold chain storages.
Another program is the Logistics Efficiency and Transport Seamlessness for Growth Outcomes (LETS GO), a “convergence” program with the Department of Transportation (DOTr).
In a statement issued in December 2022, the trade department said this program will identify logistics-related infrastructure such as ports, airports and rail that DOTr will prioritize and implement to help increase trade, reduce logistics costs, and improve efficiency.