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DOF urged to expedite probe on prices
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Posted on Sep 20 1999
Disappointed that it has yet to submit a report, Rep. Melvin Faisao has asked the Department of Finance to expedite investigation on consumer prices to help him come up with comprehensive analysis on factors that affect the rates.
The representative said the probe he initiated five months ago has yet to determine the reasons why consumer goods sold in the CNMI are a lot more expensive than on Guam.
“We have to explain to the public why they spend more when they buy these on the island,” Faisao said in an interview.
The lawmaker, responding to complaints from consumers about the wide disparity, has attempted to shed light on the different factors dictating the prices of consumer goods being sold here.
He has asked the Department of Commerce and the Attorney General’s Office to assist him and so far only the two agencies have submitted reports on their investigation.
They maintained the prices are dictated by costs of shipping goods to the CNMI, rate of local taxes imposed on the imported products, including excise taxes, as well as exchange rate of the dollar to the currency where the goods originate.
Faisao has said the Legislature must step in once the government finds out that others are taking advantage of the absence on any regulations in the Commonwealth to ensure consumer’s protection.
Alarmed by the disparity of consumer prices between the CNMI and Guam, he has urged administration officials to investigate shipping companies, wholesalers and retailers who may be responsible for jacking up the cost of goods being sold on the island.
The move stemmed from complaints he received on the expensive products that have pushed the cost of living in the CNMI as one of the highest in the nation.
