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.
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.
Diesel is expected to go up by P1.50 to 1.60 per liter, kerosene by P1 to P1.10 per liter, and gasoline by P0.25 to P0.30 per liter based on the four-day trading.
Also, more Filipinos are concerned the Marcos administration should focus on the prices of goods and inflation after the national economy, a fourth-quarter survey conducted by Publicus Asia Inc. from Nov. 25 to 30, 2022 involving 1,500 total interviewees showed.
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 (National Capital Region),” 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 Philippine economy got a total rating of 25 percent, followed by inflation 16 percent, eradicating corruption 11 percent, jobs creation 11 percent, poverty reduction 10 percent, education 6 percent, wages 5 percent, peace and order 4 percent, illegal drugs 3 percent, and environment 2 percent.
DTI Undersecretary Ruth Castelo appealed for the public’s understanding, saying it was a “sincere effort” by the department. The official had said that P500 might be enough for a family of up to five to prepare for Noche Buena.
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.
Castelo said in the Mangahas Interviews on GMA TV the department released a Noche Buena price guide every year to help consumers with their choices of products for the Christmas season.
She said the manufacturers of the Noche Buena products also advised the DTI on when they would increase prices.
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.
The respondents also said their most important concern heading into the next quarter was “not being able to afford basic needs” at 17 percent, followed by difficulty in finding employment at 14 percent, and losing a job and not getting enough pay, both at 12 percent.
Getting sick was also a concern as it would put an additional strain on their budget, mostly among the respondents in the 40 to 49 age group, according to Publicus.
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.”
On December 13, the oil companies implemented a per liter decrease in gasoline by P1.70, diesel by P3.40, and kerosene by P4.40.
These resulted in the total year-to-date adjustments at a net increase of P13.25 per liter for gasoline, P24.60 per liter for diesel, and P19.15 per liter for kerosene.
Pump prices are adjusted every Tuesday to reflect the movement of prices in the world oil market. Prices vary depending on the brand, location, and market forces.