The Department of Trade and Industry (DTI) published the latest suggested retail price (SRP) list of all basic necessities and prime commodities (BNPCs) on Jan 27 2022, to continuously guide consumers and retailers in their purchase and sale of goods.
In the latest SRP list, 66% or 143 of the 216 Shelf Keeping Units (SKUs) kept their prices, while 34% or 73 SKUs requested for price changes due to the rising cost of raw materials and packaging globally. While the country recovers from the effects of COVID-19, the DTI ensured that price adjustments for the 73 SKUs were kept to a minimum to ensure that consumers continue to have access to reasonably priced goods on the market.
The increase in prices of around 86% of the 73 SKUs ranged by 1%-9%, which is lower than the rate of cost movement. To illustrate, the cost of tamban, raw material for fish products, increased by 27%, while mechanically-deboned meat, the raw material for processed meat products, rose by 25% to 100%. In addition, tin cans used for canned products increased by 133%. Buttermilk powder, the raw material for processed milk, increased by 46%. Flour, the raw material for bread, increase by 40%.
It is also worth noting that the last price increase of some of the products such as bread, bottled water, candles, and salt were implemented 4 to 8 years ago, and that the DTI delayed the adjustment of goods prices for two years before releasing the SRP in August 2021.
DTI-Consumer Protection Group (CPG) Undersecretary, Atty. Ruth B. Castelo, assures the public that “all requests for adjustments were carefully reviewed to ensure that prices were reasonable. The DTI made sure that the price adjustments are justified. The increase in prices are only about half of cost increases. Not allowing reasonable price adjustment despite cost increases will affect investment climate, business viability and ability to keep the jobs in their companies.”
The public may download a copy of the latest SRP of basic and prime goods via e-Presyo accessible in 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, [email protected]