Weak peso seen on unchanged prices of commodities

A weak peso has resulted to higher cost of imported raw materials, the reason why prices of basic goods and prime commodities has remained unchanged notwithstanding the series of rollbacks in prices of petroleum products.

DTI-VI Trade Development Division Chief Felisa Judith Degala explained that the decrease in oil prices has very minimal impact on the prices of products in the market.

“The drop in petroleum products does not necessarily mean that the prices of goods will immediately decrease,” she said.

Degala said that there are other components that determine the prices of goods to be considered.

The prices of raw materials are still high due to a weak peso, she said.

Though, Degala added, the DTI has encouraged local manufacturers to adjust the suggested retail prices of their products in the market due to the decline in prices of petroleum products, which recently resulted to the reduction of passenger fares in public utility jeepneys of P0.50.