The Department of Trade and Industry (DTI) issued new a Suggested Retail Prices (SRP) bulletin raising prices on basic necessities and prime commodities (BNPCs) between 2 to 10 percent following petitions by local manufacturers the need to adjust prices due to rising production cost.
In a statement, DTI said that of total 218 stock keeping units (SKUs) under its jurisdiction, the agency approved a minimum increase on 82 BNPCs while 136 or 62 percent of total retained their current prices. DTI said that 82 SKUs adjusted their prices from 2 percent to 10 percent and that the price increase is still less than the global price movement of raw materials.
SKU refers to a number that retailers assign to products to keep track of stock levels internally. If a product has different colors and sizes, each variation has a unique SKU number.
In allowing price adjustments, DTI said that 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 prices 0.56 percent to 32.14 percent . Additionally, fuel prices went up by 28.84 percent.
Trade Secretary Ramon M. Lopez underscores, “The Department carefully evaluates the requests for price adjustments from the manufacturers of BNPCs under the DTI’s jurisdiction. It is imperative that the DTI and the industry collaborate to ensure the consumers of 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,” DTI Undersecretary Ruth B. Castelo said.
DTI said that prices on canned goods only hike prices by P0.25 centavos to P1.
Castelo also said that if prices for BNPC manufacturers are not adjusted higher, these companies might close their operations resulting in more job losses.
The SRP list include 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 (patis), soy sauce, toilet soap, and batteries. The guide includes additional SKUs such as Bareta Bar White (360g) and Bareta Bar FabCon (360g).
The DTI issues the SRP list to continuously guide consumers and retailers in their purchase and sale of basic and prime goods. The public may refer to the most recent SRP list of basic and prime goods before going to the supermarkets and grocery stores. DTI said it will post the new SRP Bulletin in their website.
Consumers are enjoined to report retailers, distributors, and manufacturers that sell basic necessities above their SRPs via One-DTI (1-384) Hotline or email, [email protected].