The Department of Trade and Industry (DTI) has approved the price increase requests of manufacturers of bread, sardines, luncheon meat, based on its latest Suggested Retail Price (SRP) Bulletin.
The DTI uploaded on its website on Wednesday the much-awaited SRP bulletin. Manufacturers have been requesting for the adjustments in the SRP for months. The latest bulletin, however, reflected tempered price increases.
In an interview with reporters on Wednesday, DTI-Consumer Protection Group (CPG) Undersecretary Ruth B. Castelo said Trade Secretary Alfredo E. Pascual opted to approve the price adjustments as the last SRP bulletin was released nearly six months ago.
“This August 2022 suggested retail price bulletin, you would note that almost 6 months na rin yan bago natin i-galaw ulit kaya nag-decide na si Secretary Pascual na igalaw ito because nasa ‘danger zone’ na rin ‘yung mga manufacturers natin,” Castelo said.
“‘Pag hindi pa natin pinayagan, lugi na sobra sobra at hindi na nila kakayanin so baka magsara or mag-streamline ng production ang mga manufacturers so kailangan po talagang i-galaw this year pero tempered pa rin siya,” she added.
Based on the latest price list, the price of Pinoy Tasty went up by P2 to P40.50 from P38.50 while Pinoy Pandesal (10 pcs/pack) rose by P1.50 to P25 from P23.50 .
Bread manufacturers had initially asked for an increase of P4 last year.
It’s worth noting that bread manufacturers initially asked for a P4-increase last year. Philippine Baking Industry Group President Jerry Lao said in October the industry’s request for a price increase has been delayed for “six months already” because, he said, they wanted to help consumers stretch their purchasing power.
Lao said, however, the industry is already feeling the adverse impact of increases in the prices of sugar and fuel.
Meanwhile, Castelo said the DTI increased the price of canned sardines by P1.50. The figure is half of the P3 being sought by canned sardines makers.
Last year, Canned Sardines Association of the Philippines (CSAP) Executive Director Francisco Bunecamino said the petition to increase the SRP for canned sardine by P3 was filed by his grop in July, months before the group warned of a “looming” raw material shortage in the latter part of the year.
Buencamino said the P3 proposed increase is a “very small portion” of the finished canned prices.
Based on the latest price list, the SRP for canned sardines ranges from P13.25 to as much as P19.58.
Meanwhile, the price of one brand of luncheon meat increased by P3.50 to P39 from P35.50.
Castelo said the DTI did not yet consider the requests of other manufacturers for price adjustments as the agency is trying to balance the interest of consumers and manufacturers.
Last January 24, the American Chamber of Commerce of the Philippines Inc. (AmCham) urged the DTI to regularly publish SRP bulletins, noting that its member companies are struggling to continue production given the rising prices of raw materials and services.
Castelo, in a radio show last Saturday said that the DTI cannot issue SRP bulletin regularly due to certain factors, such as climate change and varying prices of fuel, among others (Full story here: https://businessmirror.com.ph/2023/02/06/regular-srp-issuance-hobbled-by-fluctuating-factors-dti/).
Image credits: Nonie Reyes