The Department of Trade and Industry (DTI) welcomed additional commitments from major manufacturers to implement a voluntary price freeze in support of Filipino consumers amid rising prices of goods and the ongoing El Niño phenomenon.
This builds on the initial success of the voluntary price freeze launched earlier in May 2024.
Following a productive meeting with manufacturers of basic necessities and prime commodities, several companies voluntarily froze prices on select stock keeping units (SKUs) of canned meat, processed milk, and bottled water.
Monde Nissin, Alaska Milk Corporation, Nestlé, NutriAsia, Inc., and San Miguel Foods have now joined the growing roster of companies participating in the initiative.
This brings the total number of participating manufacturers to eight, with the price freeze now covering a wider range of 31 SKUs.
“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.”
“The DTI greatly appreciates the efforts of manufacturers to freeze their prices. 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,” DTI Secretary Fred Pascual said.
Additional commitments cover SKUs across six product categories: processed milk, processed canned meat or beef, bottled water, instant noodles, condiments, and coffee.
Notable brands included in the freeze are: Lucky Me! Instant Mami, Liberty Condensada, Alaska Classic Sweetened Condensed Milk, Bear Brand Fortified Powdered Milk Drink, Nestle Carnation Condensada, Datu Puti Soy Sauce, Datu Puti Vinegar, San Mig Coffee 3-in-1 Original, Purefoods Chinese Style Luncheon Meat, and Star Corned Beef.
This expansion ensures consumers have continued access to these basic necessities at affordable prices, especially in areas not covered by automatic price freeze measures due to El Niño.
Prior to this initiative, automatic price freeze mechanisms were already in effect in various provinces and municipalities severely impacted by El Niño.
An automatic price control freezes the prices of basic necessities for 60 days in areas declared under a state of calamity or emergency as stated in Republic Act No. 7581 or the Price Act, as amended.
“We encourage more manufacturers to join the initiative and contribute to mitigating the impact of rising prices on Filipino consumers.”
Complementing government-mandated price freezes during calamities and emergencies, the DTI-led voluntary price freeze initiated by manufacturers to freeze prices of select basic necessities and prime commodities (BNPCs) under DTI’s jurisdiction will last until 10 July 2024, unless otherwise specified in the price guide.
“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 added as he urged other manufacturers to join the call for collective action in ensuring that every Filipino has access to affordable basic goods.
The DTI regularly updates its price guide, posted on the DTI Consumer Care social media pages, covering goods under the voluntary price freeze.
This allows consumers to make informed choices when purchasing these essential goods.
