The Department of Trade and Industry (DTI) has released another suggested retail price (SRP) of basic commodities, with the price of candles rising by almost P22 and spices by P3.
According to the DTI, these are the price increases of products in the new SRP:
- Candle – P5.75-P21.75
- Patis (fish sauce) – P1.25-P3.10 (Bottle)
- Patis (fish sauce) – P0.60-P1.25 (Refill)
- Soy sauce – P1.10-P2.15 (Bottle)
- Soy sauce – P0.55-P0.80 (Refill)
- Iodized rock salt – P0.90-P2.85
- Iodized salt – P0.20-P2.20
- Corned beef – P0.75-P2.75
- Canned sardines – P0.50-P0.75
- Condensada – P0.50-P1.25
- Evaporada – P0.25-P1.00
- Powdered milk – P0.50-P1.35
- Coffee refill – P0.30-P0.60
- Coffee 3-in-1 Original – P0.15-P0.50
- Noodles – P0.25
- Detergent – P0.50-P1
- Luncheon meat – P1.75
- Meat loaf – P0.45-P1.50
- Beef loaf – P0.55-P1.50
- Vinegar – P1.05-P1.80 (Bottle)
- Vinegar – P0.45-P0.50 (Refill)
- Toilet soap – P1.50
According to Trade Undersecretary Ruth Castelo, the price increase of some products is high because it was a long time before their manufacturer’s last request for a price hike.
“Ito pa ‘yong mga noong araw pa na presyo, 4, 5 years ago pa. Ngayon lang sila nag-request ng increase,” he said.
New SRP of commodities released
The increase in the price of raw materials is the main reason for the manufacturer’s demand for a price hike.
But according to the DTI, they did not allow some requests after conducting their own study on the price of raw materials and ingredients.
In September 2019, manufacturers were last allowed to raise prices.
“‘Di na kaya ng manufacturer na hindi pa magtaas ng presyo because of the rising cost of materials pati packaging niya. And it’s not just in the Philippines, it’s global, ‘yong presyo na nagtataas,” said Castelo.
The new SRPs are already effective, but supermarkets and retailers will be given a few days to update their price tags.
The DTI will also visit the stores to ensure that the SRP is complied with.
According to Philippine Amalgamated Supermarkets Association President Steven Cua, they should have consulted on the new SRP first.
There are some such products that supermarkets cost more than SRP. That is, revenue also declined.
Laban Konsyumer, on the other hand, criticized the release of the new SRP.
It said the new price is not timely because the pandemic is not over, and inflation may worsen because of it.