DTI chief: SRP for basic goods to be released in late January

DESPITE the volatility of input prices in the international market, the Department of Trade and Industry (DTI) said it is hopeful that it would still be able to finalize commodity prices by the end of January for an updated suggested retail price (SRP) bulletin.

Trade Secretary Alfredo E. Pascual said Wednesday that fluctuating prices of raw materials such as wheat in the international market are making it hard for the agency to assess the requests for price adjustments.

“Kaya nga maraming hindi inaaksyunan. Masyadong malikot ‘yung international market for inputs. Bumabagsak ‘yung petroleum, bumabagsak ‘yung wheat prices, tapos ‘yung harvest ng onion eto na, tapos mag-iimport pa ang government,” Pascual told reporters on the sidelines of the US Agency for International Development’s (USAID) Strengthening Private Enterprise for the Digital Economy (SPEED) public launch on Wednesday in Makati City.

“As for the manufactured products covered by SRP, we are still talking about it because it’s difficult. You will rely on the old high prices, and then it [prices] will fall. And another thing that’s happening, manufacturers are reviewing the products. They are the ones deciding which products to include in the SRP list,” the trade chief explained, speaking partly in Filipino.

According to Pascual, other manufacturers tend to include all of their products in the SRP list, even the products classified as “high-end.” He said, partly in Filipino, “Siyempre nafrozen din ‘yun but technically, there’s no need to include everything. We are interested in including products that are normally and usually consumed by the mass base of our consumers.”

With this, Pascual said the DTI is sticking to its commitment of releasing a new SRP bulletin within the month of January. He added that work is ongoing within DTI’S Consumer Protection Group (CPG).

“Back to the office on the 23rd, hopefully by that time, Klaro na ‘yung outlook for commodity prices,” Pascual said.

At the National Price Coordinating Council (NPCC) media briefing held last December, DTI said it would “most likely” come up with an updated SRP bulletin by early January 2023.

The DTI earlier said it is monitoring the prices of raw materials as the agency assesses the requests or notices of adjustment in its SRP of basic necessities and prime commodities (BNPCS).

“What we need to do is to check the increases in prices of various inputs to the cost of the product. If it’s sardines, the cost of tamban…the fish itself, then the cost of other inputs like the ingredients, tomato sauce, in-can, label, all those things,” Pascual said in December.

The trade chief revealed last month that the agency has received requests coming from 25 percent of the 218 stock keeping units (SKUS). He said they have received requests from 55 SKUS.

According to Pascual, the BNPCS which manufacturers have requested for price adjustments include canned sardines, milk, bread, instant noodles, canned meat, laundry soap, salt, soy sauce, and toilet soap.