DTI updates suggested retail prices of basic commodities

MANILA, Philippines - The Department of Trade and Industry (DTI) has placed the updated Suggested Retail Prices (SRP) of basic necessities and selected prime commodities in supermarkets and wet markets nationwide in order to help protect consumers from unscrupulous businessmen.

“We have posted the list of SRPs of basic necessities and prime commodities in stores and markets to provide consumers a ready reference to easily compare brands and determine whether the goods sold are reasonably-priced,” Trade Undersecretary for Consumer Welfare Zenaida C. Maglaya said in a statement.

“Moreover, with the guide price posted in stores, retailers are notified and prompted to sell within the published SRPs. On the other hand, the supermarkets and grocery stores refer to the published SRPs of basic goods when purchasing from suppliers, and in turn refuse products offered above the SRP,” she added.

SRPs are issued by manufacturers to retailers to ensure market share and fair competition in the market. Production cost, distribution cost, and profit margins of retailers and distributors are factored in. It is different from price ceiling, wherein which price cap is mandated at which any basic necessity or prime commodity may be sold.

A price ceiling is in force and in effect whenever the President of the Philippines declares an area under a state of calamity or whenever he approves a price ceiling upon recommendation by the National Price Coordination Council (NPCC) or the implementing agency as per Republic Act 7581.

DTI is in close coordination with the industry sector to ensure that there is proper notification and consultation prior to any adjustments in SRPs to prevent unnecessary price hikes on basic necessities and prime commodities regularly monitored by the government.