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Manila Bulletin devider Trade & Energy devider DTI delays SRP decision on canned sardines

DTI delays SRP decision on canned sardines

Published Aug 16, 2023 09:10 am

The Department of Trade and Industry (DTI) has put on hold their decision on the request by canned sardine manufacturers for a price increase in their suggested retail price (SRP) following massive increases in the prices of fuel products in the past couple of weeks.

Trade and Industry Secretary Alfredo E. Pascual said in an interview at the “Kapihan sa Maynila” that DTI has already reached a decision the other week in the SRP of canned sardines.

Based on the results of the DTI monitoring team, the prices of oil that time were cheaper than their year ago levels.

But Pascual added that there have been recent oil price movements that need further study and other important inputs in considering the requests for price adjustment.

There are also other factors that affect prices of basic necessities and prime commodities (BNPCs). He said this include the Russian war in Ukraine that affected supply prices of wheat which the Philippines imports.

Pascual emphasized that implementing the Price Act, which involves setting the SRP for BNPCs, is a function that DTI is “performing very faithfully”.

He, however, explained that SRP is not a price control but it serves as guide for retailers and distributors in setting their prices. A retailer that hike prices of a BNPC item by 10 percent is already committing profiteering. The DTI will ask these retailers for explanation that includes significant fines or imprisonment.

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DTI DTI Secretary Alfredo E. Pascual SRP
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