More manufacturers join voluntary price freeze
‘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.’
Daily Tribune‘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.’
Four huge food manufacturing firms were added to the list of companies that will not raise prices to help consumers battling the bad economic effects of the El Nino phenomenon.
According to the Department of Trade and Industry, Monde Nissin, Alaska Milk Corporation, Nestlé, NutriAsia Inc. and San Miguel Foods have now joined the growing roster of companies participating in the initiative to implement a voluntary price freeze for their products.
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.
This brings the total number of participating manufacturers to eight, with the price freeze now covering a wider range of 31 SKUs.
“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,” said DTI Secretary Alfredo Pascual.
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.
The DTI said this 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.
Before 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 7581 or the Price Act, as amended.
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 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 maintained as he urged other manufacturers to join the call for collective action in ensuring that every Filipino has access to affordable basic goods.
