The Department of Trade and Industry upheld the validity of its function to monitor and set price ceiling on important consumer products as the implementing agency of Republic Act No. 7581, or the Price Act.
The DTI said in a statement the implementation of the Suggested Retail Price Bulletin was part of its authority as chairman of the National Price Coordinating Council.
The DTI issued the statement following allegations from sardines manufacturers that the SRP Bulletin lacked legal framework.
“Manufacturers/producers are fully-aware that the primary function of the SRP Bulletin is to inform and guide the public and keep them from deceitful or unconscionable transactions. Ultimately, any drastic deviation from the SRP is against public policy, and manufacturers/producers are not allowed to renege from their representations and submissions,” said Trade secretary Ramon Lopez.
“When manufacturers/producers submit their proposed SRP, they are bound to comply with the same and are estopped from selling at higher prices,” he added.