THE National Price Coordinating Council (NPCC) will be convened soon to dialogue with manufacturers, producers and retailers to ensure supply and price stability of basic commodities as the El Niño phenomenon is expected to affect supply and prices of agricultural products.
Trade and Industry Secretary Peter B. Favila, who is co-chairman of the NPCC, told a press conference that he is calling for a dialogue with all the stakeholders to determine what causes price increases although he said that so far only prices of chicken have moved up.
He, however, admitted that the El Niño would impact on the supply and prices of agriculture products particularly rice and corn but not immediately on processed products.
He said that together with the Department of Agriculture, the DTI will strengthen its price monitoring activities and the government is ready to make the necessary interventions.
Based on the estimates by the National Economic and Development Authority (NEDA), the El Niño’s impact would account for a .4 percent of the country’s GDP, which is expected to hit between 2.6 percent to 3.6 percent.
Inflation though is expected to remain benign at 3.5 to 5.5 percent this year. (PIA-Bohol)