Several canned goods manufacturers will seek to increase prices on their products following the rise in the cost of ingredients and raw materials used in their production, the Department of Trade and Industry (DTI) said Wednesday.
Manufacturers of sardines, canned meat, coffee, and evaporated milk will seek to increase prices from 50 centavos to five pesos, the department said in a statement, adding it is waiting for the documents from these firms to justify the price increases.
Meanwhile, some manufacturers of ham products would lower their prices from P20 to P284 depending on the ham’s weight.
Among the ingredients used by canned goods makers is mechanically deboned meat (MDM), which saw its prices rise recently.
“We have no MDM here, so they (manufacturers) import it. Prices have moved, so we want to verify from them also,” DTI Undersecretary Ruth Castelo said.
Noche Buena item prices would also likely increase since these products are not considered essential items and the Christmas season is coming, Castelo added.
The DTI said it would release a new suggested retail price guide in the following weeks.
“We’re hoping to limit the price increases [on Noche Buena items]. If they do increase prices, hopefully not more than 10%,” Castelo said. The Philippine Amalgamated Supermarkets Association Inc. (PASAI) advised the public to use affordable goods during the coming holidays.
“They could also have a staggered (price increase). It could be 2% now, another 6% next time. Buy something which is affordable,” PASAI President Steven Cua told consumers.