DTI approves price hikes for more basic goods

Metro Manila (CNN Philippines, January 24) — The Department of Trade and Industry (DTI) approved on Wednesday price increases for more basic goods, the second batch of hikes for this month alone.

The DTI said it is looking into setting suggested retail prices (SRP) only during calamities. It added that nine more stock-keeping units (SKUs) were raising prices by up to 15%.

The price hike ranged from ₱1.50 to ₱6.

This includes canned sardines from ₱2 to ₱3.59, powdered milk from ₱3.50 to ₱6, and toilet soap from ₱1.50 to ₱4 due to higher input costs.

The DTI said this is the second tranche of basic goods with higher suggested retail prices this January, followed by salt and coffee.

It added that it is studying whether it could do away with regularly setting SRPs.

“Ang sinasabi po namin sa DTI, whether kailangan bang gano'n na regular siyang nilalabas or ilalabas lang siya sa panahon ng kalamidad kung [kailan] merong price freeze," Trade Assistant Secretary Amanda Nograles said in a press briefing. «Anong magiging effective way para maproteksyunan 'yung konsyumer at tsaka mga negosyo.”

[Translation: What we are saying in DTI, is whether we need to issue the SRP bulletin regularly or if we should just release it when there is a calamity, when there is a price freeze. We’re weighing the effective way to do that will protect the consumer and those in businesses.]

The possible SRP removal is a welcome move for one supermarket group.

“We are against SRP because it limits the margins…Not that we have to make a lot of profit, but you have to cover your costs,” PH Amalgamated Supermarkets Association President Steven Cua said in an interview.

The group added that the DTI only monitors nearly 300 of over 15,000 supermarket items, such as canned fish, canned meat, condiments, dairy products, and pasta.

The trade department said that pending price adjustments will not be affected.

It also said that it is still studying requests for 45 more SKUs, among which are canned meat, instant noodles, milk, and bread.

Meanwhile, DTI Secretary Alfredo Pascual noted that prices will remain in control at least for the basic goods under their watch.

The agency said it hoped to