DTI: Proposed price hikes evaluated in 4 weeks

MANILA, Philippines — The Department of Trade and Industry (DTI) expects to complete the evaluation of manufacturers’ request to raise prices of basic goods in four to six weeks.

“The whole process usually takes about four to six weeks,” Trade Secretary Ramon Lopez said in a Viber message to reporters yesterday.

With the current administration set to end its term on June 30, the evaluation process is seen to be completed under the next administration.

If and when requests for price increases come, Lopez said these would be reviewed.

He added that the evaluation includes a review-and-verification process.

In addition, there are one-on-one discussions of findings with manufacturers that filed the price increase request conducted for DTI to ensure consumer protection at all times, according to the trade chief.

“Basically, this is to temper the price increase request,” Lopez said.

He added that manufacturers still have inventories of inputs at lower costs.

Trade Undersecretary Ruth Castelo earlier said manufacturers of some basic goods such as bread, detergent and canned meat are requesting for price increases or adjustments, given the rising cost of inputs.

For bread, in particular, the Philippine Baking Industry Group is looking at increasing the prices of the 450-gram Pinoy Tasty to P42.50 from the current P38.50 and the 10-piece Pinoy Pandesal to P27.50 from P23.50 as the price of flour used for bread production continues to increase.

Castelo said there is also a pending request to raise the price of noodles.

The last time the DTI approved increases in suggested retail prices (SRP) of certain basic goods was last month.

Under the SRP list issued by the DTI last month, SRPs of 82 stock-keeping units increased, including canned sardines, processed milk, instant noodles, salt, detergent soap, processed canned meat and canned beef, toilet soap, battery, coffee and condiments.

‘P20/K rice achievable’

Meanwhile, Agrarian Reform Secretary Bernie Cruz said president-elect Ferdinand Marcos Jr.’s goal to bring down the price of a kilo of rice to P20 is achievable through the agency’s “mega farms project.”

Cruz, the proponent of the project, explained that the concept of the mega farm is to consolidate small farm lots into mega farms for rice production.

“The ‘mega farm’ is a cluster of contiguous farms that are consolidated to form a sizable plantation capable of producing a large volume of farm products to meet the demands of consumers,” he said.

At a news conference yesterday, the Department of Agrarian Reform chief said that if they are able to meet with Marcos and discuss details of the program, the guidelines will be released within the next six months.

“Maybe, by the first quarter of next year, or early 2023, rice worth P20 a kilo will already be available,” Cruz said.

“From the studies we conducted in the mega farm project, we found out that not only is the P20-a-kilo rice achievable, but it will also be profitable for our agrarian reform beneficiaries,” he added. – Rhodina Villanueva