No hoarding of basic goods detected, DTI says

THE Department of Trade and Industry (DTI) said basic goods prices remain stable nearly two months since the Middle East war broke out, with no hoarding or profiteering detected so far.

In its National Situational Report on Basic Necessities and Prime Commodities under DTI jurisdiction, the department said that prices of basic goods are “largely stable” and within the suggested retail price.

“The supply of basic necessities and prime commodities (BNPCs) remains generally sufficient nationwide, with localized gaps in selected items,” it said in a social media post on Wednesday.

“Retail operations remain stable, with minimal and isolated constraints observed,” it said.

The DTI reported “no indications of widespread hoarding and profiteering.”

It added that logistics systems remain operational, as firms have been able to manage cost pressures and maintain steady distribution.

“Cost absorption by firms continues to help keep retail prices stable,” the DTI added.

The DTI monitored a total of 3,518 manufacturing firms and retailers between April 13 and 17.

It issued 47 letters of inquiry on BNPC prices during the period. It has not issued any Notices of Violation or Show-Cause Orders.

The DTI has said that it does not expect price increases in basic goods until May 10, citing commitments made by manufacturers and retailers. 

Manufacturers are being asked to absorb hikes in production and logistics for now amid the rising oil prices and supply chain shocks arising from the Iran war.

Basic goods subject to DTI regulation include canned sardines in tomato sauce, luncheon meat, meat loaf, corned beef, beef loaf, vinegar, fish sauce, soy sauce, and processed, condensed, evaporated and powdered milk.

The DTI is also monitoring the prices of 3‑in‑1 coffee, bread, instant noodles, iodized salt, detergent and laundry soap, distilled, purified and mineral water, candles, toilet soap, and batteries. — Beatriz Marie D. Cruz