Price freeze ordered until yearend – BusinessWorld Online
KUALA LUMPUR — Philippine President Ferdinand R. Marcos, Jr. on Monday ordered a price freeze on basic and prime commodities until the end of the year, directing the Department of Trade and Industry (DTI) to keep consumer prices stable during the holiday season.
“In line with the President’s order that there should be no price movement ahead of the holiday season, the DTI announced that there will be no price increase on basic and prime commodities in the country until the end of the year,” Palace Press Officer Clarissa A. Castro said in Filipino.
Trade Secretary Ma. Cristina A. Roque has assured the Palace that the private sector is cooperating with the government to stabilize prices and protect consumers from inflationary pressures during the Christmas period.
“All concerned agencies are doing their part to keep prices fair and reasonable for Filipino consumers,” Ms. Castro said.
The order comes as the administration seeks to temper price volatility amid rising consumer demand in the fourth quarter, traditionally one of the busiest retail periods of the year. — Chloe Mari A. Hufana