SENATE, Pasay City — Amidst concerns over inflation and price increases on basic commodities, Senator Sherwin 'Win' Gatchalian is calling on the Department of Trade and Industry (DTI) and the Department of Agriculture (DA) to closely monitor the supply and market retail prices amid the ongoing conflict between the United States and Iran.

In a statement, Gatchalian, chairman of the Senate committee on finance, stressed the need for the government to prepare for the possible long-term impact of the Middle East crisis on the prices of basic goods commodities, considering the increase in the country’s inflation rate in the past month.

The veteran lawmaker cited that “given (the) expectations of higher oil prices, (both) agencies should stand ready to curb unwarranted price increases and profiteering to protect the interests and welfare of ordinary consumers.”

“Pataas na nga nang pataas ang presyo ng produktong petrolyo, huwag nating hayaang madagdagan pa ang pasanin ng ating mga kababayan,” he pointed out in the venacular.

Based on the latest monitoring of consumer prices by the Philippine Statistics Authority (PSA), basic product costing has increased by 2.4 percent in February, which is faster than the recordef 2.0 percent hike in January and the 2.1 the succeeding month in 2025.

“This (is) the fastest in 13 months since inflation clocked in at 2.9 percent in January 2025. Food inflation recorded a 1.6 percent inflation rate for the month, faster than the 0.7 percent in the previous month but lower than the 2.6 percent in February 2025. This contributed 24.2 percent to the overall inflation rate,” Gatchalian spelled out.

Accordingly, prices of rice also increased by 3.4 percent during the month, with faster year-on-year increases seen in corn, flour, fish and other seafood, milk and other dairy products, fruits and nuts and vegetables.