DTI warns online sellers against taking advantage of weak peso

The Department of Trade and Industry (DTI) on Tuesday warned online sellers against taking advantage of fluctuation in the Philippine peso by increasing prices of imported goods.

According to Trade Assistant Secretary Ann Claire Cabochan, online sellers who import their products from overseas should adhere to the price guidelines set by the agency.

“Nakikita niyo naman po wala naman po tayong price control so if there are movements in prices including fluctuations in the value of our peso and other factors in our supply chain disruption ay nagkakaroon po siya ng epekto,” she said during a virtual briefing.

(You can see that we do not have price control so if there are movements in prices including fluctuations in the value of our peso and other factors in our supply chain disruption, this will have an effect.)

The Philippine peso closed Monday at P59:$1, surpassing the previous record of P58.99:$1 from last Tuesday, September 27, 2022. This is the 12th all-time low so far this year.

“Ang masasabi ko lang dun sa mga produkto na nandito na sa bansa natin, even if they are imported, dapat ‘yung costing noon is the exchange rate when it was purchased,” Cabochan said.

“Just also to remind sellers that ‘yung unfair trade practices naman, ‘wag naman nilang gawin at may batas po tayo (do not do that as we have laws) that will also allow us to run after those who take advantage of the situation,” she added.

(What I can say is that for products that are already in the country, even if they are imported, the costing should be the exchange rate when they were purchased.)

The DTI estimates that there are currently some 2 million enterprises participating in e-commerce, more than double the 750,000 it projected under the 2021 roadmap.

There have also been some 8,960 complaints from consumers who used online selling platforms so far this year. — DVM, GMA News