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New basic goods SRP,out in Jan
By Nidz Godino
“Our thinking is that given the process that we have to go through, it may take us beyond holiday season to evaluate…most likely we will come out with SRP by early January,” the Department of Trade and Industry (DTI) is expecting to release new suggested retail prices (SRPs) for basic necessities and prime commodities (BNPCs) in January as it evaluates price increase requests. In a press conference, Trade Secretary Alfredo Pascual continues to monitor price of raw materials and assesses requests or notices of adjustment in its SRPs for BNPCs. “Our last published SRP was in August, and we have received increase requests over that period from the time we published the last one,” Pascual said, adding they are still in the process of evaluating requests.
He stressed they are discussing with manufacturers and asking them for additional information so that the department can appropriately assess need for price increases.
With the evaluation process still ongoing, Pascual said DTI will likely release the new SRPs by January.
Pascual earlier said that about 25 percent or 55 stock keeping units (SKUs) out of 218 SKUs categorized as BNPCs may see possible price increases.
The DTI-Consumer Protection and Advocacy Bureau received notices for price adjustments for a total of 55 SKUs or 25 percent of the 218 SKUs listed in its previous SRP bulletin on BNPC issued in August from 15 manufacturers.
This is composed of 25 food SKUs and 29 non-food SKUs.
“The increase is due to high cost of imported and local materials, packaging materials and overhead charges,” the DTI said.
Pascual also said earlier 31 SKUs with requests for price increases are eyeing hikes of 10 percent or more.
He said most of these are for candles.
At least 14 SKUs are targeting six percent to 10 percent price increase, while 10 SKUs are targeting one to five percent.
The DTI earlier reported price increases of 67 SKUs in its latest SRP bulletin issued in August.
It explained products posted 3.29 percent to 10 percent increase in SRPs due to rising prices of raw materials, packaging and other costs globally.
Earlier this year, DTI stressed issuance of SRP bulletin for basic goods is authorized by law.
The DTI said it is among those implementing Republic Act 7581 or the Price Act, as amended, and serves as chairman of the National Price Coordinating Council.
The DTI cited Executive Order 913 issued in 1983 which vests the trade secretary with the power and authority to promulgate rules and regulations to implement the provisions and intent of “trade and industry laws.”
The department added that under the Price Act, the trade secretary is authorized to issue, from time to time, suggested reasonable retail prices for any or all BNPCs under its jurisdiction to guide producers, manufacturers, traders, dealers, sellers, retailers and consumers.
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