The Department of Trade and Industry (DTI) will convene the National Price Coordinating Council (NPCC) upon the arrival of Secretary Alfredo E. Pascual from the World Economic Forum in Davos to craft recommendations to tackle the “onion crisis” in the country.
DTI Undersecretary Ruth B. Castelo said as DTI and Department of Agriculture held a three-hour meeting on Wednesday, Jan. 18, to tackle the spiralling prices of onion amid shortage in supply.
Castelo said that the inter-agency NPCC, which the DTI chairs, will craft a recommendation to President Ferdinand R. Marcos Jr.
She said that DTI is trying to address the onion crisis together with the DA. She particularly noted the supply chain issue involve in the trade of onion. "We want to be able to address the supply issues, farmgate price and eventually retail price," she said.
Meantime, Castelo said that more manufacturers have submitted petitions for increase in the suggested retail prices (SRP) by as much as 20 percent, the Department of Trade and Industry (DTI) said.
Castelo, who is charge of consumer protection group, said the new petitions came from canned sardines, processed milk, coffee, bread, instant noodles, candles and detergents.
Castelo said that the SRP hike petitions have asked for as much as 20 percent increase, but stressed that DTI will limit any price hike up to 10 percent only.
Factors affecting prices of basic necessities and prime commodities are the imported raw components of these products, logistics cost and high fuel prices. Castelo noted that most packaging materials are imported.
Last year, some manufacturers of prime commodities such as canned meat, bath soap and some condiments already submitted requests for SRP adjustments. The DTI then promised to adjust prices and release the new SRP Bulletin early in January 2023.
This time, however, Castelo said they have no date yet when to release the new SRP Bulletin since they are still evaluating the price adjustments sought. In addition, other requests from manufacturers are still coming in.