The Department of Trade and industry (DTI) is conducting discussions with manufacturers of basic goods to assess the supply and price stability situation in the domestic market and come up with a win-win deal amid the escalation of hostilities in the Middle East.
Secretary Cristina A. Roque told reporters her team is also meeting among themselves and with manufacturers. The hope is to hold off any potential increases in prices of basic goods as oil prices shoot up following the recent U.S.-Israel strikes against Iran and the ensuing retaliation by Iran on some Middle East countries.
Higher prices in oil would definitely put pressure on manufactured goods. So far, she said, there has been no movement in prices of goods yet.
The DTI is also getting some inputs from Energy Secretary Sharon Garin on oil price situation and will come up a decision soonest after the discussions.
