The Trade and Industry Department released the updated Suggested Retail Price list of basic necessities and prime commodities dated as of Feb. 13, for guidance of consumers.
Trade Secretary Ramon Lopez said about 23 percent of the total number of stock keeping units increased.
“We should remember that many of these brands were those that cooperated last year with DTI’s call not to increase prices for three months. The list contains only about one to two brands—many other brands in their respective categories did not increase prices. So there’s competition and consumers have choices of cheaper brands,” he said Friday.
He noted the Department had cost structure model per product that makes it aware what is reasonable increase per product.
Trade undersecretary for consumer protection Ruth Castelo said the three-month price hold-off implemented in the last quarter of 2018 ensured that no price increase was effected despite the peak in inflation, oil price hike, peso devaluation, and increase in the prices of raw materials in the world market.
Among the commodities that raised prices were several canned sardines of 155g cans, that increased by P0.40 to P1.30.
According to one manufacturer, the continuous spike in the prices of tamban, tin can, tomato paste, fuel, and other miscellaneous fees contributed to the rise in the price of the said commodity.
The price of tamban, in particular, increased by 33 percent in December due to the close of fishing season which began last November 2018 up to February 2019.
Aside from canned sardines, prices of processed meat and canned beef also increased due to escalating cost of raw materials and packaging materials.
Prices of evaporated and condensed milk products also increased with a range of P0.50 to P1.10 and P0.50 to P1.20, respectively, due to significant increases in the cost of skimmed milk powder and anhydrous milk fat, and the weakening of Philippine peso.
Condiments such as vinegar, fish sauce (patis), and soy sauce also increased in prices due to rising cost of their raw materials, labor, and packaging materials.
The SRPs of vinegar range from P6.40 for 200 ml bottle to P14.70 for 350 ml bottle, 350 ml bottled patis increased from P20.50 to P25.65, while soy sauce (340ml) also went up from 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 the reasonableness of prices of basic and prime goods and maintain the adequacy its supply, and to stop trade malpractices in the market,” said Castelo.