Despite the series of oil price cuts, prices of basic commodities remain very high and very far from the reach of the ordinary Filipino. We always think that when oil prices go down, prices of good also follows with it. In the case of the Philippines, this is not so.
Fact is, during the past few days, even prices of vegetables and poultry went up. Poultry industry insiders blame the lack of supply for the price jump. However, I was apprised by several other sources which says that smugglers are making a killing right now and is benefitting from the very lax and very poor enforcement of existing laws.
Credit that to the very poor enforcement of laws of the Department of Trade and Industry. The DTI is the agency responsible for regulating the trading industry. Unfortunately, it is still asleep. Greg Domingo should be made accountable and replaced. He is sleeping on the job.
Inflation is definitely killing consumers and industries in the Philippines. Worse, the government is doing absolutely nothing to curb this.