MANILA — In a move to mitigate the economic impact of rising goods prices and the adverse effects of the El Niño phenomenon, more leading manufacturers of basic necessities have pledged to implement a voluntary price freeze, the Department of Trade and Industry (DTI) confirmed on Saturday.
According to Philippines News Agency, companies such as Monde Nissin, Alaska Milk Corporation, Nestlé, NutriAsia, Inc., and San Miguel Food have agreed to freeze prices on selected stock-keeping units (SKUs) of essential products like canned meat, processed milk, and bottled water. With these new commitments, the total number of manufacturers participating has increased to eight, extending the price freeze to cover 31 SKUs.
Trade Secretary Alfredo Pascual expressed gratitude for the manufacturers' cooperation, emphasizing the importance of the initiative. "This collaborative initiative is vital in ensuring that consumers, especially those in areas not under price control, have continued access to basic goods at affordable prices," said Pascual.
The voluntary price freeze spans across six product categories including processed milk, canned meat, bottled water, instant noodles, condiments, and coffee. Some of the notable brands participating include Lucky Me! Instant Mami, Liberty Condensada, Alaska Classic Sweetened Condensed Milk, Bear Brand Fortified Powdered Milk Drink, Nestle Carnation Condensada, Datu Puti Soy Sauce and Vinegar, San Mig Coffee 3-in-1 Original, Purefoods Chinese Style Luncheon Meat, and Star Corned Beef.
This industry-led initiative complements the existing automatic price control mechanisms that are already in place in various provinces and municipalities hit hard by El Niño. Under Republic Act No. 7581, also known as the Price Act, prices of basic necessities are automatically frozen for 60 days in areas declared under a state of calamity or emergency.
The DTI-led voluntary freeze aims to stabilize prices of select basic necessities and prime commodities until July 10, 2024, unless extended or modified according to the DTI's price guide. Secretary Pascual called on other manufacturers to join the effort and emphasized the need for collective action to ensure accessible and affordable basic goods for all Filipinos.
"While the DTI proactively enforces existing price freezes in calamity-stricken areas, we are actively expanding support for Filipino consumers nationwide. We encourage more manufacturers to join the initiative and contribute to mitigating the impact of rising prices on Filipino consumers," Pascual remarked.