DTI convenes manufacturers for ‘voluntary price freeze’ amid rising prices of basic goods

MAKATI CITY, PHILIPPINES — Department of Trade and Industry (DTI) Secretary Fred Pascual convened on May 03 the manufacturers of basic necessities and prime commodities (BNPCs) for a second “Kapihan with CPG” meeting. The BNPCs involved were canned sardines, processed milk, coffee, bottled water, processed and canned meat, condiments, and toilet soap.

Following the productive discussions aimed at addressing rising prices and the impact of El Niño, several manufacturers voluntarily implemented a price freeze on select stock keeping units (SKUs) of canned meat, processed milk, and bottled water, until 10 July 2024 (60 days).

The following are included in the price freeze: Wilkins Distilled Bottled Water, Viva Mineralized Bottled Water, CDO Luncheon Meat, CDO Meat Loaf, Bingo Corned Beef, Bingo Beef Loaf, CDO Beef Loaf, 555 Meat Loaf, Argentina Meat Loaf, Argentina Corned Beef, Argentina Beef Loaf, 555 Beef Loaf, Birch Tree Full Cream Milk, Instant Mami Chicken na Chicken, and Instant Mami Beef na Beef.

Secretary Pascual commended Century Pacific Food, Inc. (CPFI), CDO Foodsphere, Inc., and Coca-Cola Beverages Philippines Inc. (CCBPI) for their prompt response and commitment to ensuring access to affordable basic goods. The Department expects to receive more advisories from other manufacturers of similar nature.

The DTI chief also apprised manufacturers and retailers of the Department’s commitment to combat profiteering, hoarding, and cartels through its intensified monitoring efforts across the supply chain, and implementation of the “farm-to-fork” strategy.

The “farm-to-fork” strategy covers the partnership with the Department of Agriculture and Clark International Airport Corporation to establish and support the Clark Mega Food Hub and the Nueva Vizcaya Agricultural Terminal (NVAT)—in collaboration with the United States Agency for International Development-Strengthening Private Enterprises for the Digital Economy (USAID-SPEED).

Furthermore, Secretary Pascual proposed establishing a direct linkage program between farmers and retailers to further streamline the supply chain and potentially lower costs. He encouraged the cooperation of retailers in pursuing this specific initiative.