MANILA, PHILIPPINES — In light of growing gasoline costs following Russia’s invasion of Ukraine, the Department of Trade and Industry (DTI) announced on Thursday that they are examining suggested retail price (SRP) hike for essential products.
Meanwhile, Trade Assistant Secretary Ann Claire Cabochan stated that the Department of Trade and Industry doesn’t really expect prices of basic and prime goods to rise very soon.
Cabochan noted on Thursday, March 17, at the Laging Handa session that they have reinforced their pricing surveillance, but that certain manufacturers have already asked pricing modifications.
“Kapag iyong kanilang hinihingi po na price adjustment ay mas mataas ng ten percent sa presyo noong nakaraang bulletin po ay pinapakiusapan po natin iyan sila na i-stagger po iyong increase,” she said.
(If the price adjustment they are asking for is ten percent higher than the price in the previous bulletin, we are asking them to stagger the increase.)
“But at this time, pinag-aaralan pa po ng DTI kung magkakaroon po tayo ng panibagong SRP bulletin,” Cabochan added.
(But at this time, the DTI is still reviewing whether we will have another SRP bulletin.)
Several manufacturers, according to the source, have “existing inventories of raw materials and inputs, as well as finished goods,” which might prevent price hikes if they produce with materials purchased well before oil price spike.
“Kasi nga binili naman nila at prices before nagkaroon ng increase in oil and also iyong gulo po sa Ukraine. So, hindi sana mangyari na mag-i-increase in the immediate future, pero pinag-aaralan po,” she said.
(Because they were bought at prices before there was an increase in oil and the trouble in Ukraine. So, the increase may not happen in the immediate future but it is being studied.)
A pricing modification is also being requested for processed dairy products, meat loaf, and canned beef, in addition to preserved sardine goods. The agency asked customers to use the SRP list as a reference for expenditures, to manage their purchase decisions, and to use their resources wisely. – WhatALife!