Only 40% of SRP items hike prices – DTI

Published August 15, 2018, 12:00 AM

by manilabulletin_admin

By Bernie Cahiles-Magkilat

The Department of Trade and Industry on Tuesday said that 40 percent of items or SKUs (shelf keeping units) under the Suggested Retail Price (SRP) list have increased prices contrary to what a consumer advocacy group had claimed that it was as much as 113 percent hike.

In a statement, DTI Undersecretary for Consumer Product Group Ruth Castelo said their computation showed that only 84 out of the 209 SKUs increased their prices and 125 remained stable.

“This comprises only 40 percent, contrary to the 70-113 percent alleged by Laban Konsyumer, Inc.,” said Castelo.

The increases are basically for canned fish and meat products due to current global oil prices, although not all brands increased.

If you remove non-food items like water and candles, this will increase slightly to 45 percent, still far from the 70-113 percent claimed by LKI.

Castelo said the DTI does not deny that there have been increases in prices of basic necessities and prime commodities, but the increase is caused by higher oil prices in the international prices, higher raw materials, and the peso depreciation.

The TRAIN Law may have caused an impact but not all of the increase is due to the TRAIN law, she said.

“We hope that LKI will not cause unnecessary alarm to the consumers whom it alleges to protect. If LKI is true to its objective of promoting the interest of consumers, it will coordinate with DTI, the government institution in charge of consumer protection to get the correct data and help us advocate consumer interests, instead of issuing a press statement with unfounded information,” said Castelo.

Castelo also chastised her predecessor Victorio Mario Dimagiba, who is now LKI president, for going to the media instead of discussing his data with the DTI.

“We request LKI to coordinate with DTI so he will get accurate information,” stressed Castelo adding that, “If it is a credible information this should be coordinated with the DTI and not with the press.”

Meantime, Castelo said they have intensified their monitoring of prices and supply of basic necessities and prime commodities. Yesterday, Castelo led a price monitoring in Pasig.