DTI: Price increase on basic goods on hold for next 3 months

Published September 12, 2018, 8:40 PM

by Roel Tibay

By Genalyn Kabiling

There will be a moratorium on the price increase of some basic goods, including bread, canned sardines, and milk, in the next three months, a trade official said Wednesday.

Trade Undersecretary Ruth Castelo said they convinced the manufacturers of basic necessities and prime commodities (BNPCs) “to hold off prices increases at least for the next three months.”

DTI Undersecretary Ruth Castelo (PIA / MANILA BULLETIN)
DTI Undersecretary Ruth Castelo

Among those covered in the price hike moratorium are canned sardines, canned meat, coffee, milk, instant noodles, bread, and bottled water, salt, soy sauce, fish sauce, vinegar, and candles.

“Na-convince natin sila at pumayag sila – some committed three months; some committed six months; some committed nine months. So at least, assured ang consumers that for the next three months, hindi gagalaw ang presyo ng BNPCs nila,” Castelo said during a Palace press briefing.

“This became effective as of September 1, 2018 when we issued the adjusted suggested retail price,” she added.

Castelo said if the traders intend to raise prices after the three-month period, they must go through the Department of Trade and Industry (DTI).

“They will have to submit data before they can change the market price or iyong presyo sa retail – doon sa panibagong SRP list iyon,” she said.

“This SRP list also that is good for until December 1st is different from the Noche Buena products naman that we traditionally serve to our families,” he added.