VP NOLI WARNS VS HOARDING, SPECULATORS

31January 2006

VICE President Noli ‘Kabayan’ De Castro yesterday warned hoarders and speculators, that the government is serious in going after those who are out to destabilize prices of basic goods and commodities.

SURPRISE MARKET VISIT OF VP KABAYAN: Vice President Noli 'Kabayan' De Castro together with DTI Secretary Peter Favila monitor prices of rice during their surprise visit to Trabajo Market in Sampaloc, Manila.  The Vice President called on the public to assist the government in its campaign to make the prices stable by reporting to authorities those engaged in hoarding and undue speculations. (OVP photo by Egay Montaña) 1/31/06

De Castro issued the warning during his surprise market visit to Trabajo Market in Sampaloc, Manila. It has been reported that the price increase of sugar maybe due to possible hoarding and speculation.

According to De Castro, the Department of Trade and Industry (DTI) and the Department of Interior Local Government  (DILG) were tasked to apprehend and penalize those involved in illegal price activities.

VP KABAYAN LEADS PRICE MONITORING.    Vice President Noli ‘Kabayan’ De Castro and DTI Secretary Peter Favila yesterday observed that prices of canned goods at Trabajo Market in Sampaloc, Manila remained stable. The price czar’s surprise market visit was conducted to monitor the effect of the additional 2% RVAT implementation today. (OVP photo by
Egay Montaña)  Ref.No. VPPHOTO-06-018 01/31/06

At the same time, the Vice President called on the public to assist the government in its campaign to make the prices stable by reporting to authorities those engaged in hoarding speculation, profiteering, and other forms of price manipulation.

He also asked the media to be more careful in publishing stories regarding prices as mere indications of price increases tend to be abused by unscrupulous traders. De Castro made the appeal after several traders selling liquefied petroleum gas (LPG) increased prices of LPGs due to news items regarding plans of dealers to jack up their prices.

VP NOLI MONITORS PRICES OF FISH.  Vice President Noli ‘Kabayan’ De Castro and DTI Secretary Peter Favila check on prices of fish at Trabajo Market in Sampaloc, Manila. The Vice President said that the government is serious in going after those who are out to destabilize prices of basic goods and commodities. (OVP photo by Egay Montaña)  Ref.No. VPPHOTO-06-019 01/31/06

“This is the problem with speculation. It pushes traders to unduly raise prices even though it’s not warranted,” he said.

Meanwhile, prices of canned goods particularly sardines remained stable. Prices of meat (pork, beef, chicken) and fish likewise did not move. However, slight increase in vegetables was noted and was traced to rains and floods during the past few days. In particular, the Vice President noted the absence of vegetables sold inside the market due to the proliferation of ambulant vendors selling outside the market illegally. 

VP KABAYAN CHECKS ON LPG PRICES. Vice President Noli ‘Kabayan’ De Castro and DTI Secretary Peter Favila check on prices of LPGs at Trabajo Market in Sampaloc, Manila. De Castro appealed to the media to be more careful in reporting prices as speculations push traders to raise prices even though it’s not warranted. (OVP photo by Egay Montaña) Ref.No. VPPHOTO-06-0209 01/31/06

De Castro said the market visit was conducted to monitor the effect of the additional 2% RVAT implementation today (February 1). Government authorities expect that the additional 2% VAT on prime & basic goods would have a negligible effect.

The government will continue its close monitoring of prices to ensure that any price increase is warranted

 

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