The Department of Trade and Industry-Negros Occidental assured the public that it is regularly monitoring compliance with suggested retail prices of prime goods and basic commodities sold by various establishments.
Chief Trade and Industry Development specialist Rachel Nufable said Monday that although they have observed an increase in the prices of basic goods, it is minimal and within the SRPs.
This was after Metro Bacolod Chamber of Commerce and Industry Chief Executive Officer Frank Carbon said that the government and private sector should collaborate to create ways to mitigate the continuous inflation that affects both the middle and lower middle class.
At the opening of the Negros Business Week Monday, Carbon said that government agencies, such as the DTI and the Department of Agriculture, should ensure that business establishments are still compliant with SRPs.
“Almost 60 percent of the income of the working class goes to food and if the prices continue to increase, other expenses, like utilities, transportation, and education of the children in the family will be compromised,” he said, adding that thorough evaluation should be done to ensure that the increases are reasonable.
Nufable, on her part, said that big companies that are non-compliant with SRPs without valid reason and approval from the central office could be sanctioned. Provincial and regional DTI offices could only monitor, but the central office in Manila is the one assigned to enforce sanctions, she added.
She also clarified that despite reports of continuous increase of prices, there is no such thing as price control on the goods in the market unless there are calamities.
The Philippines is observing free trade. Firms should be competitive in terms of pricing their products, do their own promotion and evaluation on how they reach out to their target markets, Nufable said.*MLG
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