The Executive Yuan said on June 11 that six importers of powdered milk in Taiwan have responded positively to the government's appeal for market stability and promised not to raise prices in the near future.
Vice Premier Jiang Yi-huah—who also convenes the Executive Yuan's commodity price stabilization task force—recognized the prompt response of these companies. In response to reports that some powdered milk importers were planning to raise prices beginning July 1, Jiang reiterated that anyone who increased their prices irrationally would face a fine of up to NT$25 million (US$835,000).
"The government is determined to maintain market stability. We call on more businesses to follow these companies' example and resist price hikes," Jiang said.
The six importers—Abbott Laboratories Services Corp., Wyeth-Ayerst (Asia) Ltd., Standard Foods Corp., Mead Johnson Nutrition Company, Nestle Taiwan Ltd. and Orient Europharma Co., Ltd.—pledged they would not increase the prices of their products in the near future as long as international raw material prices are stable. If they have any plans to adjust prices in the future, they will inform the government beforehand.