DTI APPROVES PRICE INCREASE ON 82 GOODS

THE Department of Trade and Industry (DTI) has issued the new Suggested Retail Prices (SRP) for 218 Stock Keeping Units (SKUs) of basic necessities and prime commodities.

Of the total 136 SKUs or 62 percent retained their Jan. 27, 2022 SRP Bulletin prices, while the DTI approved a minimum increase for 82 basic necessities and prime commodities (BNPCs) in its latest SRP list.

These products include bread, canned fish, potable water in bottles and containers, processed milk, locally manufactured instant noodles, coffee, salt, laundry soap, detergent, candles, flour, processed and canned pork, processed and canned beef, vinegar, fish sauce (patis), soy sauce, toilet soap, and batteries. The guide includes additional SKUs such as Bareta Bar White (360g) and Bareta Bar FabCon (360g).

While prices of 86 percent or 71 out of the 82 SKUs adjusted their prices from two percent to 10 percent, the price increase is still less than the global price movement of raw materials.

To illustrate, the prices of major raw materials like tamban (for canned fish products), mechanically deboned meat (for processed meat products), buttermilk (for processed milk), and palm oil (for toilet paper and instant noodles) increased by 0.56 percent to 32.14 percent. Additionally, fuel prices went up by 28.84 percent.

Trade Secretary Ramon Lopez underscores that the agency carefully evaluates the requests for price adjustments from the manufacturers of BNPCs under the DTI’s jurisdiction.

“It is imperative that the DTI and the industry collaborate to ensure the consumers of high-quality products at affordable prices,” he said.

“Despite the adjustments in several basic and prime goods, the DTI assures the public that all increases in the SRPs were kept to a minimum level to provide consumers with reasonably-priced goods amidst the pandemic,” said Trade undersecretary Ruth Castelo.

The DTI issues the SRP list to continuously guide consumers and retailers in their purchase and sale of basic and prime goods.

Despite the adjustments in several basic and prime goods, the DTI assures the public that all increases in the SRPs were kept to a minimum level to provide consumers with reasonablypriced goods amidst the pandemic.

USEC. RUTH CASTELO Department of Trade and Industry