Manufacturers agree to defer price hikes

The Department of Trade and Industry (DTI) said manufacturers of basic necessities and prime commodities (BNPCs) have agreed to temporarily hold off a price increase on their products, according to a report by Philippine News Agency.

In a Viber message to reporters late Thursday, DTI Undersecretary Kim Lokin said Trade Secretary Alfredo Pascual met with BNPC manufacturers to discuss the latter’s request to increase prices.

"The meeting with manufacturers led by Sec. Pascual went well. Representatives of manufacturers of basic necessities and prime commodities were willing to hold off a price increase for now. Sec. Pascual is very appreciative of their gesture," she said.

The DTI earlier disclosed that manufacturers of BNPCs filed requests for price increases due to the rising cost of raw materials.

According to the DTI official, Pascual assured manufacturers that he would also consider their plight, the need to sustain their businesses and provide jobs.

"DTI will hold another round of consultation/meetings, especially for those that have serious or urgent concerns. This will be on a case-to-case basis," Lokin said.

However, Lokin said it is difficult to say when prices will be increased since raw materials and ingredients are also subject to market forces.

"Secretary Pascual would have to consider all stakeholders, although of course in his mind, consumers' needs are paramount," she said.