A little change in lifestyle, and in taste, is one of the solutions incoming trade secretary Alfredo Pascual suggests for Filipinos to cope with rising prices.
Pascual in a television interview over the weekend said one of the first things he will focus on as secretary of the Department of Trade and Industry is to make sure prices are not a result of unreasonable profit, adding “because some may take advantage” and further raise their prices.
“We will make sure prices are a result of (the play of) supply and demand and not by manipulation.
What is happening now cannot be attributed to the local market but this is caused by imported inflation such as on oil, wheat and fertilizer. We cannot control that,” he added.
While stressing the Philippines is a market economy, “we can influence (supply and demand) by producing more or finding substitutes.”
Pascual said as part of DTI’s developmental functions, he will push for supply and demand management to make sure prices are reasonable.
“If there is a shortage in one specific area of a specific product, we will bring in additional supply. One way of managing demand is to find substitutes for certain products,” Pascual said.
He said bakers have expressed willingness to substitute up to 10 percent of wheat flour with coconut flour for their bread products.
He said if rice becomes too expensive, one can mix corn with the grain.
Both substitutes, he said, have been studied and proven as viable.
Admitting the price increases are hard to solve immediately, Pascual said one just needs to be resourceful and creative and not be stuck to his usual ways.
For example, to save on gas, one can limit or schedule his trips and on food, find substitutes not affected by inflation.
Over the long term, Pascal wants to see the Philippines produce more of the products that it imports. He cited coffee as an example as 80 percent of what the country consumes is imported. Irma Isip
