DTI approves price hikes for 63 items

MANILA, Philippines — The Department of Trade and Industry (DTI) has approved increases in suggested retail prices (SRP) of 63 stock keeping units (SKUs) of basic goods, which are set to take effect on Feb. 1. 

Trade Secretary Cristina Roque told reporters yesterday that of the 217 SKUs, 63 have price increases, while the SRP for 154 SKUs were retained. 

While some SKUs have price hikes, she said the increases are minimal and less than 10 percent. 

Those with SRP increases include luncheon meat, with a price hike of five percent, and meat loaf with a price increase of four percent. 

For evaporated milk, Roque said the SRP would go up by less than nine percent, while the SRP for sardines would increase by five percent. 

The SRP list will be issued and the SRP increases will take effect on Feb. 1. 

“We’re giving everybody enough time to move,” Roque said.

The DTI approved the request for SRP increases as raw material costs have gone up. 

“As much we want to really protect the consumers, we must also protect the manufacturers and the businesses because these employ people. We don’t want them to terminate or to cut people from their jobs. We want them to even grow,” Roque said. 

“So we just have to make sure there’s a win-win situation for both parties,” she said further.

She said consumers are advised to check the SRP list and compare prices. 

She also said the DTI will be monitoring prices of basic necessities and prime commodities being sold.