The Department of Trade and Industry (DTI) has defended its P500 Noche Buena price guide after critics on social media said the amount was inadequate for a Filipino family—given the high prices of commodities. READ:
This coincided with a statement from an official of the Department of Energy that domestic pump prices are forecast to increase next week by as much as P1.60 per liter. The expected oil price hike ended five consecutive weeks of price cuts amid the softening of world oil prices.
The national economy is still considered the topmost priority for the President to focus on, but prices and inflation moved up “as a clear second place, indicating a growing concern, particularly in NCR ,” Publicus said in its deck for the survey released to the media.Those surveyed also said the economy should be the topmost priority for the President to focus on.
The DTI official said they released the price guide because they thought that consumers would be “happy” that there were cheaper products available for Noche Buena. When asked what’s the most important issue that the President should focus on, a quarter of the respondents said the Philippine economy came first, followed by prices and inflation at 15 percent—but at 25 percent of those surveyed in Metro Manila, and 18 percent in Visayas and 15 percent in North and Central Luzon.
Meanwhile, DOE director for the Oil Industry Management Bureau Rodela Romero attributed the increase in oil prices to “the EU oil embargo, G7 price cap for Russian oil crude, re-opening of China’s economy, rising hopes on China’s demand situation, and US data pointed to slowing inflation.”
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