PH won’t feel pinch of Russia-Ukraine conflict in prices of basic commodities yet, DTI says
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.
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.
(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.)
As Russia invaded Ukraine, oil prices breached $100 per barrel.
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