DTI says no price hikes yet despite Middle East tensions

The Department of Trade and Industry (DTI) said prices of basic necessities and prime commodities remain stable, with manufacturers yet to seek price increases despite escalating tensions in the Middle East.

Trade Secretary Cristina Roque said the agency is closely monitoring the situation and coordinating with other government offices before making any policy moves.

“The DTI team is now in talks about prices. We are also getting information from Energy Secretary Garin regarding the fuel, as we have to get information first before we release anything,” Roque said on the sidelines of the Philippines–South Korea Business Forum on Wednesday at Conrad Hotel in Pasay City.

President Ferdinand Marcos Jr. earlier warned that inflation could rise if the conflict in the Middle East persists, although he noted that the situation remains fluid.

The President also assured the public that the Philippines currently has sufficient oil supply and that global crude prices remain manageable.

However, officials acknowledged that prices could be affected if global crude oil prices reach the $80 per barrel benchmark, a scenario economic managers are hoping to avoid.

“For now, we still have to talk, and it’s hard for us to make assumptions or give inputs. The current stocks in the supermarkets were already produced before the tension in the Middle East happened. I can’t say for sure if the best option is to call for a price freeze. We have to talk to the manufacturers,” Roque explained.

“But for now, no movement (of prices), and there is no request from manufacturers. We always want a win-win solution that is best for manufacturers and consumers. We will talk soon,” she added.