PH won’t feel pinch of Russia-Ukraine conflict in prices of basic commodities yet, DTI says | Inquirer News
Close  

PH won’t feel pinch of Russia-Ukraine conflict in prices of basic commodities yet, DTI says

/ 12:58 PM February 26, 2022

MANILA, Philippines — The Philippines will not immediately feel the increase in basic commodities amid the crisis between Ukraine and Russia which resulted in soaring fuel prices, the Department of Trade and Industry (DTI) assured Saturday.

ADVERTISEMENT

DTI Undersecretary Ruth Castelo guaranteed the public that they validate prices and negotiate it with manufacturers.

“So, hindi natin pa agad mararamdaman ‘yan and the consumers naman can rest assured na lahat po ng manufactured food products, dumadaan sa pag-aaral ng DTI. We validate tapos nine-negotiate rin natin sa kanila kung masyadong mataas para sa consumers,” she said in a Laging Handa public briefing.

FEATURED STORIES

(So, we will not immediately feel it and the consumers can be rest assured that all manufactured food products are being studied by the DTI. We validate then negotiate if the price is too high for consumers.)

Castelo noted that the agency is yet to receive any request to change retail prices due to fuel concerns.

READ: Bread prices to rise for 1st time since 2016

“Ngayon, wala pa kaming nare-receive na additional request o mga panibagong [price increase] request due to fuel,” she shared.

(Now, we have not received any additional or new request for price increase due to fuel.)

“Dahil ang effect nito, ang impact on the cost of production is only three to five percent, average of 3.5 percent na sa sobrang liit niya, shino-shoulder na lang ng manufacturers,” the official explained.

(Because of its effect, its impact on the cost of production is only three to five percent, average of 3.5 percent which the manufacturers shoulder because it is just small.)

ADVERTISEMENT

As Russia invaded Ukraine, oil prices breached $100 per barrel.

RELATED STORY:

World stocks plunge, oil tops $100 as Russia invades Ukraine

EDV

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: basic commodities, DTI, Russia, Ruth Castelo, trade and industry, Ukraine
For feedback, complaints, or inquiries, contact us.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.



© Copyright 1997-2022 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.