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PIA Press Release
2008/11/05

Overpricing of 'Noche Buena items' reported to PGMA

Manila (5 November) -- Department of Trade and Industry (DTI) Secretary Peter Favila is calling on the public to report to DTI unscrupulous vendors who are unnecessarily jacking up their prices particularly with the onset of the holiday season.

In an interview at the end of the joint Cabinet and NEDA board meeting at the guest lounge of Toyota Motor Philippines, Favila said he reported to President Gloria Macapagal-Arroyo that DTI would monitor the prices of commodities to check against overpricing.

This early, Favila said there are indications of overpricing of products particularly on "noche buena items" such as fruit cocktails and the like.

"Understandably merong spike due to the heavy demand but the range should not be as much as what we are seeing now," Favila said.

As a rule, Favila said the price increases on products should not exceed 10 percent, otherwise "profiteering na iyon."

Favila said the DTI has to verify and validate the reported overpricing to prevent unscrupulous vendors from overcharging the consuming public particularly during the Christmas season.

"So we are calling on the public - students, the media and civic organizations to help us in monitoring prices," Favila said. (PIA-MMIO) [top]

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