THE Department of Trade and Industry (DTI) said it hopes to release a new suggested retail price (SRP) bulletin for basic necessities and prime commodities (BNPCs) by early next year.
Trade Secretary Alfredo E. Pascual made the announcement at a briefing on Thursday following a meeting of the National Price Coordinating Council, which is evaluating pending price increases being sought by manufacturers before the holidays, when sales usually spike.
“Our thinking is that given the process that we have to go through, it may take us beyond the holiday season to evaluate. Most likely, we will come out with the (new) SRP by early January (next year),” Mr. Pascual said.
Mr. Pascual added that the DTI is asking for additional information from manufacturers to better assess the price hike proposals.
“We’re telling manufacturers that they need to help us… give us more information that will help us assess the need for price increases. We are in discussions with the manufacturers so we can appropriately assess the need for price increases. We need to check the changes in various inputs to the cost of producing the product,” he added.
The last SRP bulletin was issued by the DTI on Aug. 12. It posted price increases for 67 out of 218 stock keeping units (SKUs), which were granted due to rising production costs. The price increases vary from 3.29% to 10%.
Some of the BNPCs allowed price increases were canned sardines, coffee, noodles, bottled water, processed milk, detergent soap, candle, and condiments.
Mr. Pascual has said that the DTI has received price increase requests on 25% or 55 out of the 218 regulated SKUs. Of the 55 items, 25 SKUs are food products. — Revin Mikhael D. Ochave