Palace vows to keep basic commodity prices stable through year-end

MANILA – Prices of basic necessities and prime commodities are expected to remain stable through the end of the year, Malacañang said Tuesday, as the government addresses mounting economic pressures, including accelerating inflation and the peso’s record-low level against the U.S. dollar.

Palace Press Officer Claire Castro said the Department of Trade and Industry (DTI) had reported that prices of basic goods would not increase through December, offering consumers some relief ahead of the Christmas season.

“Ang balita po sa ngayon ng DTI, hanggang sa pagtatapos ng taon ay hindi tataas ang presyo ng basic goods, basic necessities, prime commodities (The DTI's current report is that prices of basic goods, basic necessities and prime commodities will not increase until the end of the year),” Castro said during a media briefing in Cagayan de Oro.

The assurance comes as inflation accelerated to 7.2 percent in September from 6.1 percent in August, according to the Philippine Statistics Authority (PSA), driven in part by higher food, transport and household utility costs.

Meanwhile, the peso breached the PHP64-per-dollar level during trading Tuesday, hitting a new record low. It closed at PHP63.95 on Monday, extending its streak of record-low closing rates.

A weaker peso can increase the cost of imported fuel and other dollar-priced goods, adding to domestic inflationary pressures.

President Ferdinand R. Marcos Jr. met with the Bangko Sentral ng Pilipinas and his economic team at Malacañang on Tuesday.

Castro attributed volatility in oil prices and the peso-dollar exchange rate partly to geopolitical tensions in the Middle East, noting that the Philippines imports crude oil and remains vulnerable to disruptions in global energy markets.

She said the government was working to ensure adequate supplies of essential commodities despite the continuing crisis and the effects of El Niño.

Citing information from the Department of Agriculture, Castro said supplies of rice, pork and chicken remained sufficient. The agency is also providing assistance to farmers affected by the crisis and adverse weather conditions, she added.

Marcos has also directed government agencies to prioritize fuel availability, Castro said, stressing that shortages could disrupt economic activity even if prices remained low.

On workers’ wages, Castro said the Regional Tripartite Wages and Productivity Board in Region 10 had conducted five consultations to assess workers’ needs and employers’ capacity to pay.

Further meetings were scheduled for Nov. 13 and 20, followed by a public hearing in December, she added.