In photo: Supermarket merchandiser replenishes bread in a supermarket in Makati (Photo from THEPHILBIZNEWS/MAS)
The Department of Trade and Industry (DTI) issues the new Suggested Retail Prices (SRP) for basic necessities and prime commodities. The price guide of 218 SKUs under DTI’s jurisdiction was published on May 11, 2022, in the Philippine Star.
136 Stock Keeping Units (SKUs) or 62% retained their 27 January 2022 SRP Bulletin prices, while the DTI approved a minimum increase for 82 basic necessities and prime commodities (BNPCs) in its latest SRP list.
These products include bread, canned fish, potable water in bottles and containers, processed milk, locally manufactured instant noodles, coffee, salt, laundry soap, detergent, candles, flour, processed and canned pork, processed and canned beef, vinegar, fish sauce (patis), soy sauce, toilet soap, and batteries. The guide includes additional SKUs such as Bareta Bar White (360g) and Bareta Bar FabCon (360g).
While prices of 86% or 71 out of the 82 SKUs adjusted their prices from 2% to 10%, the price increase is still less than the global price movement of raw materials.
To illustrate, the prices of major raw materials like Tamban (for Canned Fish products), Mechanically Deboned Meat (for processed meat products), buttermilk (for processed milk), and Palm Oil (for toilet paper and instant noodles) increased by 0.56% to 32.14%. Additionally, fuel prices went up by 28.84%.
Trade Secretary Ramon M. Lopez underscores, “The Department carefully evaluates the requests for price adjustments from the manufacturers of BNPCs under the DTI’s jurisdiction. It is imperative that the DTI and the industry collaborate to ensure the consumers of high-quality products at affordable prices.”
“Despite the adjustments in several basic and prime goods, the DTI assures the public that all increases in the SRPs were kept to a minimum level to provide consumers with reasonably-priced goods amidst the pandemic,” Undersecretary Ruth B. Castelo said.
The DTI issues the SRP list to continuously guide consumers and retailers in their purchase and sale of basic and prime goods. The public may refer to the most recent SRP list of basic and prime goods before going to the supermarkets and grocery stores. The price guide is accessible via the DTI website.
Consumers are enjoined to report retailers, distributors, and manufacturers that sell basic necessities above their SRPs via One-DTI (1-384) Hotline or email, ConsumerCare@dti.gov.ph.
