Philippine producers scale back prices

Philippine producers scale back prices
06 March 2014

Philippine cement producer have reduced cement prices by an average of PHP3/40kg bag after the an industry-wide planned increase could not be supported due to stiff competition, and following the issue of a show cause order from the Department of Trade and Industry (DTI) for unwarranted price hikes.

DTI Undersecretary Victorio Mario A Dimagiba told reporters the price reduction was implemented last week and cement prices are now under ‘special monitoring’.

Dimagiba said that a number of cement firms tried to increase prices at the start of February 2014 without informing the DTI. Eagle Cement had advised the DTI it did not raise its prices.

Prices rose by an average of PHP8/40kg of cement, or PHP220/bag from PHP212/bag.  However, the price hike could not be absorbed by the market because of high competition. The price increase prompted Dimagiba to order the a issuance of show cause orders against cement manufacturers and resellers amid unwarranted price hikes of cement.

Published under Cement News

Tagged Under: Philippines Pricing