No to Panic Buying: DTI Says Supplies are Enough | OneMega.com
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No to Panic Buying: DTI Says Supplies are Enough

No to Panic Buying: DTI Says Supplies are Enough

Current Events | March 7, 2022
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Despite Russia’s invasion of Ukraine, the Department of Trade and Industry says that the supply of basic goods in the Philippines is sufficient.

With news of the ongoing war between Russia and Ukraine, many industries and businesses have been affected. But as for the supply of basic goods in the Philippines, the Department of Trade and Industry (DTI) said in a statement this Monday that there is no need to panic, as there is enough supply.

According to DTI Undersecretary Ruth Castelo, retailers and manufacturers keep stock inventories that last for 30 to 90 days, which vary depending on the product. “We’re looking at the next 3 months bago po mag-epekto ‘yong nangyayari sa Europe dito sa ating bansa kaya sana matapos para hindi tayo talaga maapektuhan, ang presyo natin,” she says in a televised public briefing.

“We have enough supply, hindi po kailangan mag-panic ng mga tao,” she adds.

[Rough Translation: We’re looking at the next 3 months before the events happening in Europe will affect us. Hopefully, this will end soon, so that it won’t affect us and our prices. We have enough supply, so people don’t need to panic.]

Plans of Action Amid Rising Prices

While Filipino businessmen and analysts forecast rising fuel and flour prices due to the war, especially since Russia accounts for 7% of global oil supply, while Ukraine and Russia cover 29% of wheat exports, the DTI received only one price hike request. And that was, according to Castelo, related to the supply of fish.

“We want to assure the public na ang presyo po ng mga pangunahing bilihin, naiintindihan natin na kahit sa ayaw natin at sa gusto, magkakaroon at magkakaroon po ng impact sa atin. Pero hindi pa ‘yan immediate, hindi pa ‘yan sa ngayon,” she explains.

[Rough Translation: We want to assure the public that when it comes to the prices of basic goods, we understand that whether we like it or not, this will have an impact on us. But this will not be immediate. It won’t happen now.]

Stockpiling as an Option

Additionally, Castelo stresses that the DTI will maintain open communication with manufacturers, telling them to ease on price increases, especially since we all need to help each other out. “And we’ll communicate also with the manufacturers na medyo hinay-hinay lang din sa pag-request [ng taas-presyo] dahil kailangan nating siyempre magtulong-tulong na naman… Iyong private sector cooperation and support talaga ring inaasahan nation.”

The DTI, however, is discussing the option of stockpiling imported frozen pork and chicken, given that we have a large supply of poultry here. “We encourage that, mag-stockpile… Marami tayong poultry supply dito, pero puwede tayo nang mag-umpisang mag-stockpile,” she opines.

To date, Russia’s invasion of Ukraine has been condemned around the world and has triggered Western-led sanctions that aim to cripple the Russian economy.

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