City markets insulated from effects of inflation?

CEBU, Philippines — Despite a 4.4% inflation rate recorded by the Philippine Statistics Authority in July, prices of basic commodities in Cebu City markets remained stable due to the proactive measures of the city government in monitoring prices.

Market administrator Robert Barquilla said that making sure that enough supplies are available and constant monitoring of prices are key factors in insulating the city markets from the adverse effects of high inflation rate.

Barquilla said they already anticipated the inflation rate to increase during the height of the El Niño Phenomenon because of the damage it brought to agriculture. As a proactive measure, the city market office immediately implemented price monitoring in all markets under its jurisdiction.

The purpose of the monitoring was to ensure that no one would take advantage of the situation to unreasonably increase prices or hoard supplies to create artificial shortage.

"Pero amo nang bantayan kay basin ang uban, magpahimulos ba. Ug naa tay masakpan ana nga mag overpriced, of course, ato gyud ng i-penalize," said Barquilla.

He explain that inflation would only have a huge impact when there is a shortage in the supply since the market forces are dictated by the law of supply and demand. Fortunately for the city markets, Barquilla said, supplies are abundant because the city has become a “bagsakan” center for products from other provinces.

“So far wala man tay problem kay mura man gud ni’g center ang Cebu kay ang Bohol, Misamis, Cagayan, Dalaguete, Argao, Sibonga, naa diri gitumod ang supplies sa Cebu," said Barquilla.

The PSA announced that the country’s inflation has surged to 4.4 percent in July, surpassing the government's target range of 2 to 4 percent. This also marks an increase from June’s 3.7 percent albeit slightly lower than the 4.7 percent recorded in July 2023.

Meanwhile, Barquilla said the city is set to destroy at least 633 defective weighing scales that market operatives have confiscated since 2022.

"Paligsan na nato, ato na siyang pang gub-on kay aron di na sya magamit, di na ma re-use gyud ba," he said.

Some of the confiscated weighing scales, however, may be released to the owners after recalibration and payment of corresponding P500 fine. Those weighing scales with an onset of at least .50 grams may be redeemed by the owner but those beyond 100 grams will have to be destroyed.

Those who have been caught several times using defective weighing scales shall face closure of their stalls. –/FPL (FREEMAN)