Office of the Vice President : Press Release

The prices of basic goods and commodities have generally remained stable for the past three months.

This was the assessment made by the National Price Coordinating Council (NPCC) in its report to President Gloria Macapagal-Arroyo during the NEDA Cabinet Group Meeting held in Davao City last 8 March 2005.

Vice President Noli “Kabayan” de Castro added: “While there have been upward movements in prices, nothing radical has been observed. So far, everything has moved within foreseeable ranges.”

Also during the cabinet meeting, the President underscored De Castro’s importance in the effective and efficient management of various issues relating to prices of basic goods. In a gesture of approval, the President asked De Castro to continue helping the NPCC in its price monitoring campaign.

Last November 2004, the President tasked the Vice President to lead the nationwide campaign to keep the prices of basic goods stable during the Christmas season. Through intensified price monitoring, regular market inspections and media releases as well as constant consultation and dialogue with the private sector, De Castro and the NPCC, notably the Departments of Trade & Industry (DTI) and Agriculture (DA) exerted all efforts to make last Christmas affordable. With the help PNP Director-General Edgardo Aglipay, rampant “tong” collection along the national highways was also minimized.

The NPCC, chaired by the DTI and composed of various government agencies and private sector representatives, is the mechanism created by law (the Price Act, RA 7581) to ensure stability in the prices of basic necessities and prime commodities.

In any event, the NPCC noted that the recent oil price hike as well as the proposed VAT amendments would cause significant increases in the prices of goods. In this regard, the Vice President suggested that government exert all efforts to ensure that any price increase would be minimal and warranted. The Vice President and DTI Secretary Juan Santos agreed that there must be an effective information campaign so that the consuming public would have a complete understanding of the price situation.

The DTI and the DA are currently publicizing prevailing prices of basic goods in major tabloids.