Marcos Freezes Basic Goods Prices Until Yearend

KUALA LUMPUR – President Marcos has directed the Department of Trade and Industry (DTI) to enforce a price freeze on basic and prime commodities until the end of the year to ensure price stability during the holiday season.

“In line with the order of President Marcos there will be no movement in commodity prices before the holiday season,” Presidential Communications Undersecretary Claire Castro said in a media interview on Monday, Oct. 27.

Castro said the Department of Trade and Industry (DTI) has announced there will be no price increase in basic and prime commodities nationwide until the end of the year.

Castro was among the officials who joined Marcos here for the 47th Association of Southeast Asian Nations Summit and related summits.

Marcos gave directive to the DTI before departing for the ASEAN Summit last Saturday, Oct. 25, Castro said.

The President instructed the DTI to ensure the strict monitoring and implementation of the maximum suggested retail prices for imported rice and other essential food items, the Palace press officer added.

She said the President also ordered the DTI to continue its coordination with manufacturers to maintain current price levels and prevent unwarranted price hikes.

Trade Secretary Cristina Roque assured that all industry stakeholders are working closely with the government to stabilize market prices, particularly during the holiday period, according to Castro.