Despite the already soaring inflation in the country, the Department of Trade and Industry (DTI) has approved price hikes on basic necessities and prime commodities (BNPCs) as manufacturers have threatened to stop or downsize operations if they are not allowed to increase prices.
The new suggested retail price (SRP) issued on Wednesday, Feb. 8, covers price hikes on several stock keeping units (SKUs) of BNPCs such as including sardines, noodles, loaf bread, milk, and candles.
DTI Undersecretary Ruth B. Castelo said they were forced to release the new suggested retail price (SRP) bulletin because they (DTI) have been receiving "threats of closure, streamlining or stop production of these products" which the DTI tried to prevent.
"We had no choice," said Castelo as she justified the intentional timing in the release of the agency's statement late Wednesday, Feb. 8 to print reporters covering the DTI.
Meantime, DTI Undersecretary Carol Sanchez said that all price increases are within 10 percent or less, except candles which did not hike prices in the last five years. Sanchez said this means that most food items with price increases are within the minimum 50 centavos to P2.
Based on the new SRP, the price of 450-gram of Pinoy Tasty is now P2 more expensive to P40.50 from P38.50.
The price of Pinoy Pandesal was raised by P1.50 to P25 from P23.50 for a ten-piece pack.
Six sardine brands saw increases ranging from P1 to P1.50, with prices now ranging from P13.25 to P19.58.
One noodle brand out of four brands under the DTI’s monitoring is now 50 centavos more expensive to P8.75 for a 55-gram pack from the previous P8.25.
Of the five milk powder brands, the DTI approved the SRP on one brand by P2.25, with a 300-gram powdered milk now selling for P95.25 from the previous P93 SRP issued in August 2022.
The DTI also adjusted the SRP on one condensed milk brand in the bulletin to P41 for a 300 ML from P39.25.
Also, one evaporated milk brand was granted a P3.60 increase to P41 per 300 ml from P37.40 per 300-milliliter.
As for candles, which have 30 listed SKUs in the DTI SRP bulletin, have price range of P33.42 to a high of P177.71 depending on quantity per pack and make.
The DTI regularly monitors BNPCs included the SRP list as these are the common processed or manufactured items bought by the most vulnerable sectors of the society.
The SRP bulletin list includes bread, canned sardines, milk, salt, potable water in bottles and containers, instant noodles, canned meat, coffee, laundry soap, detergent, candles, vinegar, fish sauce (patis), soy sauce, toilet soap, batteries and batteries.
Since December last year, BNPC manufacturers already petitioned the DTI for price adjustments on higher production, raw materials, and logistics cost.
The price hike came on the heels of accelerating inflation in the country. On Tuesday, the Philippine Statistics Authority reported that inflation in January further accelerated to 8.7 percent form 8.1 percent in December last year.