Price control on basic products not a solution – DTI

BAGUIO CITY – The Cordillera office of the Department of Trade and Industry (DTI-CAR) declared that the imposition of price control on basic commodities following the record-breaking increase in the country’s inflation rate will not actually be a reliable solution because it will just ruin the vibrance of the economy as a whole.

DTI-CAR assistant regional director Grace Baluyan explained that there should always be a concerted action among the government, the business sector and the consumers, in going through the current impasse that the country is experiencing for us to hurdle the obstacles faced instead of putting the burden on a single sector.

She asserted the interests of all concerned sectors must be taken into consideration before the implementation of stringent measures that will allow the country to cope with the sudden increase in the inflation rate caused by the unprecedented increase in the prices of basic commodities.

“The concerned government agencies are doing all possible means to contribute in efforts to address the sudden surge in the prices of basic commodities which also affected the country’s inflation rate and what is being asked from the business sector and the public is for their utmost cooperation in the enforcement of appropriate policies to stabilize prices in the next few months,” Baluyan stressed.

The DTI-CAR official claimed the implementation of price control will be the very last option to be taken by concerned government agencies to abate the continuous increase in the country’s inflation but the government will not surely go that far because there are still available means within the duties and functions of the agencies to minimize the increases in the prices of basic commodities such as sardines, milk, and sugar.

According to her, government will not go to the extent of imposing policies that will complicate the prevailing situation but will instead find ways of addressing factors that affect the stability of the prices of basic commodities in the market to ease the burden from the ordinary consumers.

Baluyan expressed optimism the country will hurdle the present situation that the economy is in with the timely enforcement of policies that address the existing gaps affecting the stability of prices of basic goods in the market to avoid the adoption of drastic measures that will further complicate the existing issues and concerns of the economy.

Aside from various local economic issues, she emphasized outside factors, such as the continuous increase in the prices of oil, the stability of the supply of oil, among others, continue to contribute in the contraction of the international and local markets.

Baluyan urged consumers to continue to be vigilant when purchasing goods from the market to avoid sure falling prey to the alleged unscrupulous practices of erring businesses which take advantage of the fragile condition of the country’s economy to profit from ordinary buyers.

She added the agency continues to monitor the prices of basic commodities to prevent the same from being unduly adjusted by erring businessmen beyond the suggested retail prices approved for the purpose. By HENT

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