'Minimal' price hike for select basic, prime goods approved

MANILA, Philippines — Only 28% of basic necessities and prime commodities are expected to see a slight price increase in February, the Department of Trade and Industry (DTI) said.

In a statement on Friday, January 17, Trade Secretary Cristina Roque said around 60 items will experience adjustments ranging from 5% to 10%, while 72% of monitored goods will not see any price hike.

The price increases were approved by the DTI following requests from manufacturers concerned about rising production costs.

“Seventy-two percent [of] basic necessities and prime commodities have no price increase, while the remaining 28% have seen only minimal adjustments of less than 10%,” Roque said.

For example, a 155-gram can of sardines currently priced at around P19 could increase to as much as P20.90 under the approved adjustments.

Roque assured the public that the DTI will continue to monitor and enforce market prices nationwide to ensure compliance with the set prices. “We will ensure that basic goods remain accessible and affordable to all,” she added.

The Price Act, or Republic Act 7581, distinguishes between basic necessities and prime commodities.

• Basic necessities include rice, corn, bread, canned fish, fresh eggs, milk (fresh and processed), fresh vegetables, root crops, coffee, sugar, cooking oil, salt, laundry soap, detergents, firewood, charcoal, candles, essential medicines, and fresh pork, beef, and poultry.
   
• Prime commodities cover items such as fresh fruits, flour, dried or processed meats (pork, beef, and poultry), other dairy products, noodles, onions, garlic, vinegar, patis (fish sauce), soy sauce, toilet soap, fertilizer, pesticides, herbicides, school supplies, batteries, electrical supplies, light bulbs, and non-essential medicines.

The DTI regularly updates the suggested retail prices for basic necessities and prime commodities. The agency will soon release the updated prices, Roque said.