No price hikes yet on basic goods – DTI

MANILA, Philippines - Prices of basic necessities and prime commodities should remain stable as pending requests for adjustments in suggested retail prices (SRP) are still under evaluation, the Department of Trade and Industry (DTI) said.

“The DTI has pending requests for new SRPs on these products from their manufacturers. These requests are still for evaluation, thus, we do not expect any price increase on said products,” DTI Undersecretary Victorio Mario Dimagiba said in a statement.

The DTI’s statement comes amid reports that there are sudden spikes in prices of canned and powdered milk, canned meat, bath soap, sugar, and bottled water.

A common reason cited by manufacturers for the request to be allowed to adjust prices is the rising prices of imported raw materials in the last quarter of 2013 and first quarter of this year. 

As a price freeze was declared following Super Typhoon Yolanda last year, the DTI has not granted any requests for price increases.

Manufacturers are appealing anew for the review of the SRPs to narrow the price difference among competing brands and to correct the margins in their previously submitted SRPs.

The DTI argues that such reason does not merit a price increase.

“We have immediately routed a memorandum to the DTI Regional and Provincial offices to verify these reports on price shoot up for several basic necessities and prime commodities. We have required them to report promptly if there are spikes on prices and to issue Show Cause Orders to retailers that sell more than the listed SRPs,” Dimagiba said.

The DTI has also requested major supermarket groups the Philippine Association of Supermarkets, Inc. (PASI) and Philippine Amalgamated Supermarkets Association, Inc. to continue observing the movement in prices of goods.

“Selling more than the SRPs is an illegal act of price manipulation and a violation of the Price Act that penalizes a retailer or distributor an administrative fine of up to P1,000,000 and a criminal fine of up to P2,000,000 with an imprisonment of up to 15 years,” Dimagiba said. 

DTI urges consumers to be vigilant in purchasing basic necessities and prime commodities. 

Consumers can visit the DTI website: www.dti.gov.ph for a copy of the SRPs of basic necessities and prime commodities. 

To report complaints on price and supply of basic and prime goods, consumers can call DTI Direct 751.3330 and 0917.8343330.