PRICES OF BASIC, PRIME GOODS INCREASE 1-3%
DTI has recently approved a slight increase in the SRP of 82 basic and prime goods
THE Department of Trade and Industry (DTI) - Davao said on Thursday, May 19 that they noted a one to three percent increase in suggested retail price (SRP) of basic and prime goods in Davao Region following the recent approval of the DTI central office.
Lawyer Ryan Casabar, Division Chief, Consumer Welfare of DTI-Davao, said during a radio interview on May 18, the increase by the central office is between two to five percent on varying products, with five percent being the highest, since the last SRP increase in January 2022.
However, select prime commodities such as processed milk may increase SRP by more than five percent but Casabar assured that the increase will not exceed more than ten percent
Based on the recent price monitoring activity of DTI-Davao led by Price Monitoring Team leader Jennifer Glimada, they have already observed a one to three percent increase in the past month in Davao City.
“(For example) sa atong de lata, sardinas, ang atong SRP… ang isa ka brand kay nisaka from P15.90 nahimo siyang P16.75 (For example with our canned sardines, the SRP of one brand increased from P15.90 to P16.75)” she said. Glimada added that the SRP may also vary depending on the location of the retailers.
“So naa ta gina-monitor sa (We monitor clients and retailers in) Toril area, Buhangin, downtown, Tibungco. So mag depende pud ilahang increase usahay mag matter pud ilang logistics kung asa nila ginakuha ilang produkto (The increase also depends on the logistics sometimes, on where they source their goods),” she said.
According to Casabar, SRP increase is usually caused by an increase in prices of major raw materials.
“For example canned fish products and sardines, the raw materials like Tamban taas ang presyo (have increased in prices). For prime commodities like processed meat products, the T-bone meat, palm oil for instant noodles,” Casabar said.
Other factors such as operation costs, labor wages, demand and supply, and other overhead costs play a part in the increase.
The national office of DTI approved the minimum increase for 82 basic necessities and prime commodities including 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, soy sauce, toilet soap, and batteries.
Glimada said retailers in Davao Region are compliant with the SRP list given by DTI and rarely increase the price if it’s not approved. She said retailers and clients are not allowed to exceed the SRP.
“Kung naa mi makita na price increase sa ilaha (If we see an unapproved price increase), we send a latter of inquiry to the establishment to explain ngano naa’y mga (why they have) price increases… But the Davao City retailers they are generally compliant jud sa atong (with our) SRP,” Casabar said.