THE Department of Trade and Industry (DTI) said it is reviewing applications to raise the suggested retail prices (SRPs) of basic necessities and prime commodities (BNPCs).
“The price increases that the manufacturers are asking are ranging from 10 centavos to P7 for food products (1% to 5% increase) and P1.50 to P9.75 for non-food products (6% to 10% increase),” Trade Undersecretary Ruth B. Castelo said in a televised briefing on Tuesday.
Ms. Castelo said that 43 shelf keeping units (SKUs) from 13 manufacturers are the subject of pending price increase applications.
“These products include canned sardines, condensed milk, evaporated milk, powdered milk, coffee, instant noodles, bottled water, canned meat, and toilet soap.”
According to Ms. Castelo, the reasons cited for the proposed price increases include surging prices of raw materials.
Ms. Castelo cited higher prices for specific ingredients such as tamban in sardines, flour in instant noodles, and mechanically deboned meat in canned meat.
“These reasons are being verified by the DTI. We are not just absorbing the information given by the manufacturers,” Ms. Castelo said.
“We have our own mechanism that can verify the higher raw material costs, as well as the increase in packaging materials and transportation costs, and the acquisition cost for the packaging,” she added.
The last SRP bulletin was released on Feb. 8, which permitted SRP increases ranging from 45 centavos to P7 for 76 SKUS, while the prices of 141 SKUs were left unchanged from the previous SRP bulletin issued in August 2022.
Other BNPCs for which prices could rise include 3-in-1 coffee, bread, detergent, candles, and condiments.
Republic Act (RA) No. 7581 as amended by RA 10623 or the Price Act authorizes the DTI and other government agencies to ensure that BNPCs are available to consumers at reasonable prices without denying manufacturers a fair return on their investment. — Revin Mikhael D. Ochave