Prices of commodities rise in February — DTI

MANILA, Philippines — The prices of some basic commodities went up this month due to high cost of raw materials and the weakening of the peso against the US dollar. 

The Department of Trade and Industry (DTI) said 56 stock keeping units out of 242 in the suggested retail price (SRP) list went up, while bulk or 186 of the goods maintained the selling prices as of Feb. 13.

“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,” said Ruth Castelo, undersecretary for consumer protection of the DTI.  

Castelo added that it was only this time when the DTI implemented SRP adjustments after thorough evaluation and consultation with the manufacturers of basic and prime goods.

Among the products that saw price increases is the 155-gram canned sardines, which went up by P0.40 to P1.30 due to higher prices of tamban or herring, tin can, tomato paste, fuel and other miscellaneous fees.

The price of tamban, in particular, rose 33 percent in December due to the close of the fishing season from November last year until this month. 

In addition to canned sardines, prices of processed meat and canned beef also went up due to the higher cost of meat as well as packaging materials. 

Prices of evaporated and condensed milk products also became costlier by P0.50 to P1.10 and P0.50 to P1.20, respectively, due to increases in the cost of skimmed milk powder and anhydrous milk fat as well as the weakening of the peso. 

Other products that had price increases are condiments such as vinegar, patis or fish sauce and soy sauce due to higher raw material and packaging materials costs. 

In particular, the SRPs of vinegar is now at P6.40 (200 ml) up to P14.70 (350 ml) while the price of 350-ml patis is at P20.50 to P25.65 and 340-ml soy sauce is available at P16.25 to P17.35.

“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 (of) supply and to stop trade malpractices in the market,” Castelo said. 

To ensure the prices of basic necessities and prime commodities are within the SRPs, the DTI continues to conduct monitoring activities. 

Consumers can access the SRP list by visiting the DTI website on www.dti.gov.ph or downloading the e-Presyo mobile application via Play Store for Android device and App Store for Apple devices.

To report retailers selling goods above the SRPs, consumers can call the DTI Consumer Hotline at 1-DTI (1-384) or text 09178343330.