Nestle lowers prices of its milk products by up to 20%

MANILA, Philippines - Swiss consumer giant Nestle has cut prices of its milk products by up to a fifth, saying it wanted to help consumers amid rising prices of basic commodities. In letter to the Department of Trade and Industry (DTI) dated May 8, Nestle Philippines, Inc. said it had reduced prices of its Nido Full Cream Milk by 5-19%. Nestle also said the 700-gram Bear Brand Filled Milk Powder will have 10% more volume. Processed milk is one of the basic commodities that the DTI is closely monitoring. DTI chief Peter B. Favila said other manufacturers should follow Nestle’s lead. Retailers should reflect Nestle’s discounted prices, Trade Undersecretary for Consumer Welfare Zenaida Cuison-Maglaya said. "We expect supermarkets down to small retailers to price tag Nestle’s products appropriately," she said. Ms. Maglaya also assured consumers of continued monitoring of prices and higher visibility of inspectors in public markets, adding that the government would discuss with manufacturers ways to reduce prices. - BusinessWorld