Stop panic-buying, DTI urges public

THE Department of Trade and Industry (DTI) on Thursday appealed to the public to refrain from panic-buying, as it assured that there is a stable supply of commodities despite escalating global and domestic prices.

In a statement, Trade Undersecretary Zenaida Maglaya said that the “department is closely watching the movements of the supply and demand of the commodities to facilitate smooth flow of goods in the market. Based on reports from the industry sector, there is enough supply of basic goods so there is no need for consumers to stockpile products.”

Steven Cua, the president of the Philippine Amalgamated Supermarkets Association Inc., said in a text message that groceries and supermarkets have not seen consumers panic-buying.

“Definitely [panic-buying] will not do any of us any good,” Cua added.
Maglaya said that her department has intensified its nationwide price monitoring to ensure that no trader or retailer would jack up prices excessively.

“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,” she added.

Earlier, the Trade department sought the help of local governments, who have the authority to strip off business permits of erring retailers, in cushioning the impact of price increases in basic necessities and prime commodities.

Price billboards
The department has requested local governments to regularly update price billboards installed in their wet markets, put in place the
“Timbangan ng Bayan” and price billboards in wet markets that do not have these, and inspect weighing scales and price tags in retail stores.

“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,” Maglaya said.

“DTI also heightens its market visibility so as to avert unscrupulous businesses from unreasonably raising prices amid the looming oil price hike,” she added.

According to her, “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 [the] price of raw materials, supply and demand situation, seasonality of products, among others.”

Maglaya warned that retailers who sell at higher prices than the suggested retail price (SRP) shall be asked to explain the irregularity and show cost of acquisition.

The Trade department official said that the department can issue summons to manufacturers or distributors whose prices are above the SRP.

Anyone found overpricing could face a fine of up to P1 million for violation of Republic Act 7581, or the Price Act, while illegal price manipulation comes at a cost—a maximum fine of P2 million as well as up to 15 years of imprisonment, she pointed out.

Maglaya advised 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 said. –Ben Arnold O. De Vera, Reporter, Manila Times