For the information and guidance of the consumers and retailers, the Department of Trade and Industry (DTI) released the updated Suggested Retail Price (SRP) list of basic necessities and prime commodities (BNPCs) dated as of 13 February 2019.
Out of 242 shelf keeping units (SKUs) in the SRP list, 186 or 77 percent retained their SRPs while the remaining 56 SKUs or 23 percent increased their prices due to high cost of raw materials and depreciation of peso value against the US dollar.
“Due to the three-month price hold-off that was implemented in the last quarter of 2018, no price increase was effected despite peak in inflation, oil price hike, peso devaluation, and increase in the prices of raw materials in the world market. It is only this time when the DTI implemented SRP adjustments after thorough evaluation and consultation with the manufacturers of basic and prime goods,” said DTI-Consumer Protection Group (CPG) Undersecretary Ruth B. Castelo.
Prices of several canned sardines 155g have increased by Php 0.40 to Php 1.30. According to one manufacturer, the continuous spike in the prices of tamban, tin can, tomato paste, fuel, and other miscellaneous fees contributed to the rise in price of the said commodity. The price of tamban, in particular, increased by 33% in December due to the close of fishing season which began last November 2018 up to February 2019.
Aside from canned sardines, prices of processed meat and canned beef also increased due to escalating cost of raw materials (meat) and packaging materials (label, tin, and carton).
Prices of evaporated and condensed milk products also noted an increase ranging from Php 0.50 to Php 1.10 and Php 0.50 to Php 1.20, respectively, due to significant increases in the cost of Skimmed Milk Powder and Anhydrous Milk Fat, and weakening of Philippine peso.
Condiments such as vinegar, fish sauce (patis), and soy sauce also increased in prices due to rising cost of their raw materials (fish extract and soy bean meal) labor rate, and packaging materials (PET bottle and carton). The SRPs of vinegar range from Php 6.40 (200ml) to Php 14.70 (350ml), patis 350 ml from Php 20.50 to Php 25.65, while soy sauce 340ml ranges from Php 16.25 to Php 17.35.
“The DTI assures the consuming public that all increases in the SRPs are kept at the absolute minimum level. Amid the SRP adjustments, the DTI remains vigilant and steadfast in its commitment to ensure reasonableness of prices of basic and prime goods and maintain the adequacy its supply, and to stop trade malpractices in the market,” said Undersecretary Castelo.
The DTI continues to intensify its prices and supply monitoring activities to ensure that prices of BNPCs in the markets are within the SRPs. The SRP list can be accessed through the DTI website (www.dti.gov.ph) or downloaded from the e-Presyo mobile application via Play Store for Android device, and App Store for Apple devices. The latest SRP list was published in Philippine Star and Pilipino Star Ngayon last 16 February 2019.
For more information, or to report retailers selling goods above the SRPs, contact DTI Consumer Hotline at 1-DTI (1-384) or text 09178343330.♦
Date of release: 20 February 2019