Philippine President Marcos orders price freeze on basic goods until yearend

KUALA LUMPUR: President Ferdinand Marcos Jr. directed the Department of Trade and Industry (DTI) not to approve any hike in the prices of basic necessities and prime commodities until the end of the year.

The announcement was made by Palace press officer Claire Castro on Monday (Oct 27), here at the margins of the 47th Association of Southeast Asian Nations (Asean) Summit.

“Before departing for Kuala Lumpur, Malaysia on Saturday, President Marcos ordered the DTI to ensure strict monitoring and implementation of the maximum suggested retail prices, particularly for imported rice and other food products,” she said.

The price freeze applies to canned sardines, canned meats, all kinds of milk, coffee, bottled water, instant noodles, bread, salt, soy sauce, fish sauce, vinegar, bottled water, candles, and all manufactured basic needs and prime commodities.

The President also directed the agency to continue coordinating with manufacturers to maintain current prices and prevent unnecessary price hikes during the holidays.

“According to DTI Secretary Cristina Roque, all stakeholders have cooperated with the government to ensure that no price increases will occur in markets, especially with the upcoming holiday season,” Castro said. – Philippine Daily Inquirer/ANN