DTI approves hike in prices of basic goods

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  • CHERYL G. CRUZ

The Department of Trade and Industry approved minimum increases in the prices of basic necessities and prime commodities (BNPCs) like bread, instant noodles, and potable water in bottles and containers.

The new Suggested Retail Prices (SRP) for 82 BNPCs also include increases in canned fish, processed milk, coffee, salt, laundry soap, detergent, candles, flour, processed and canned pork, processed and canned beef, vinegar, fish sauce (patis), soy sauce, and batteries, among others.

The prices of Stock Keeping Units (SKUs) like Bareta Bar White (360g) and Bareta Bar FabCon (360g) also increased, the SRI said in its advisory.

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

“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,” the DTI said.

The Department carefully evaluates the requests for price adjustments from the manufacturers of BNPCs under the DTI’s jurisdiction, Trade Secretary Ramon Lopez said in a statement, adding it is imperative that the DTI and the industry collaborate to ensure high-quality products at affordable prices.

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, Undersecretary Ruth Castelo added as DTI said that 136 SKUs or 62 percent retained their January 2022 SRP Bulletin pricelist.

DTI issued the SRP list to continuously guide consumers and retailers in their purchase and sale of basic and prime goods. It urged consumers to report retailers, distributors, and manufacturers who sell basic necessities above their SRPs via One-DTI (1-384) hotline or email [email protected]/CGC