Philippine cement producers have until next week to provide the Department of Trade and Industry (DTI) with further information explaining reasons behind their higher selling prices.
Last month the DTI asked Holcim Philippines, Lafarge Republic Inc, Cemex Philippines and Eagle Cement Corp to explain why cement is being sold above the recommended retail price of PHP205-PHP210/bag.
Trade undersecretary Zenaida Maglaya has since told The Philippine Star that while three of the four cement producers in question have submitted reports, the DTI has asked for additional explanations. She said that the reports by Holcim, Lafarge Republic and Cemex still lack details needed for the government department to determine whether the firms can continue selling at the current prices.
According to Ms Maglaya, the DTI has granted an extension until next week for the producers to submit additional information, adding that based on the final reports, the DTI will decide on whether action should be taken and if prices need to be rolled back.