Department of Justice through its Office for Competition (DOJ-OFC) has recommended the removal of requirement for manufacturers and retailers to seek approval prior to price increases.
In a 16-page report, the OFC said while it is important for government agencies to continue monitoring prices of basic necessities and prime commodities, requirement for approval for price increases “will discourage manufacturers from freely setting prices according to market dynamics.”
“Rather, they should expand proactive market monitoring actions and also encourage reporting,” DOJ-OFC said.
Full content: The Inquirer
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