DTI: 6 manufacturers withdraw price hike requests

MANILA, Philippines — At least six manufacturers of basic necessities and prime commodities (BNPCs) have withdrawn their price increase requests following their meeting with officials of the Department of Trade and Industry.

DTI Secretary Alfredo Pascual yesterday said the manufacturers reached a consensus to hold off price increases until the end of the year.

The companies that withdrew their price increase requests were involved in the manufacture of bottled water, candles, condiments, bread and toilet soap, Trade Assistant Secretary Mary Jean Pacheco said.

“We’re meeting with canned sardines manufacturers tomorrow because we continue to appeal that there will be no price adjustments until the end of the year,” Pacheco added.

On Sept. 21, Pascual and other DTI officials met with 29 manufacturers and two associations of canned sardines, coffee, processed milk, bread, salt, detergent, candles, condiments, bottled water, canned meat, toilet soap and batteries.

During the dialogue, manufacturers expressed their concerns about various issues, including the imposition of pass-through fees, lack of local supply of raw materials, the compliance of requirements of other government agencies and other regulatory concerns.

“We assure them that the DTI will continue to work with them in finding ways to address the rising costs of their production so that they too can sustain their businesses, which in turn provides income to their workers,” Pascual said.

DTI Consumer Protection and Advocacy Bureau director Marcus Valdez II said the agency currently does not see any reason to approve the price increase requests of BNPC manufacturers.

At the same press conference, Pascual also said the DTI is looking at rounding off the prices of BNPCs to make them divisible P0.25, citing a price rounding scheme by the Bangko Sentral ng Pilipinas (BSP).

“Every time we issue our suggested retail price, we take into consideration the BSP price rounding scheme. So it has been ongoing for a couple of years already,” Valdez said.

“Once we come up with the price, we check it, verify it with the BSP price rounding scheme to see whether we will round up or round down depending on the range that the BSP gave,” he told reporters on the sidelines of the press conference.

Pascual, however, said the DTI is looking to implement the rounding off scheme of the prices when another round of price adjustments is set.

Yesterday, Pascual and other DTI officials elaborated on the agency’s initiatives for the celebration of Consumer Welfare Month, emphasizing that DTI remains committed to its mandate of protecting the rights of consumers and empowering them to make significant contributions to the Philippine economy.