The Department of Trade and Industry (DTI) is looking to launch an app powered by artificial intelligence (AI) to serve as a guide for consumers on prices of basic goods.

'We're trying to fast-track the launch of E-presyo app with crowdsourced info from retailers, consumers and price monitors,' DTI assistant secretary Amanda Nograles told reporters.

She said the app would allow retailers, consumers and price monitors to input the prices of the products.

The AI technology will filter the inputted data.

'With AI-powered technology, we can take advantage of the technology, data to make sure it is reliable and more accurate,' Nograles said.

Through the app, consumers will know the cheapest location for purchasing basic goods.

Nograles said the app would help consumers not depend on the suggested retail price (SRP) bulletin being released by the agency.

She said the SRP is incomplete and not updated real time.

While there is an existing E-presyo app, she said there is a need to clean the data.

'We have to correct the system first,' she said.

She said the app is currently in the software development phase.

Depending on the developments and the agency's study, she said the E-presyo app may replace the SRP bulletin later on.

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