DTI Warns Online Sellers vs Taking Advantage Of Fluctuation In Philippine Peso

DTI: “Wag naman nilang gawin at may batas po tayo that will also allow us to run after those who take advantage of the situation.”

DTI — The Department of Trade and Industry recently warned online sellers against taking advantage of fluctuation in the local currency.

DTI Philippines

Trade Assistant Secretary Ann Claire Cabochan said during a virtual briefing on Tuesday that online sellers who imported their products outside the Philippines should adhere to the price guidelines set by the DTI.

Cabochan also said that if there are movements in prices, including fluctuations in the value of the local currency and other factors in the supply chain disruption, this will have an effect.

She then warned online sellers that there’s a law that will allow the agency to run after those who took advantage of the situation.

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 that will also allow us to run after those who take advantage of the situation.

GMA News Online reported that the Philippine peso closed Monday at PHP 59 : USD 1, surpassing the previous record of Php 58.99 : USD 1 from last September 27, 2022.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message to BusinessWorld Online that the Philippine peso was “also weaker as the markets also anticipate the latest Philippine inflation data that could pick up on Oct. 5”.

READ ALSO: DTI Tightens Price Tag Rule On E-Commerce

Based on the report, the Department of Trade and Industry estimated that there are currently some 2 million enterprises participating in e-commerce, which was more than double the 750,000 it projected under the 2021 roadmap.

So far, there have been some 8,960 complaints from consumers who used online selling platforms this year.

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