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The Department of Trade and Industry (DTI) is set to publish the updated suggested retail price (SRP) for Noche Buena commodities soon after it has engaged manufacturers to either temper or, ultimately, forego price increases of traditional holiday products.
DTI consumer protection group (CPG) Assistant Secretary Anne Cabochan said on Tuesday that the agency has been coordinating with manufacturers of seasonal products such as ham to be sensitive to the spending capacity of consumers.
“We are closely coordinating with the manufacturers. There were requests for price increases because of aggravating factors like global oil prices, high transportation costs and even the declining peso value,” she said.
“We have been collaborating with them (manufacturers) every year for the seasonal products like the Noche Buena products. Time and again, they have been very accommodating to our request for lower price hikes, and at time they were generous enough in not increasing the prices,” she added.
About 10 manufacturers of Noche Buena products have standing petition for price hikes including some ham products, pasta, mayonnaise and other traditional holiday fares.
The DTI is carefully assessing the merits of their petition to sync with the updated Noche Buena SRP.
Cabochan assured consumers there is ample supply of Noche Buena products for the upcoming holiday season.
Meanwhile, the DTI stressed it will penalize retailers who are found to have overpriced products included in the general SRP and Noche Buena SRP list.
The Department reminded retailers that profiteering, under the Consumer Act, is punishable by imprisonment and/or fine of not less than P1,000 to P10,000.
“Although we are nearing towards the end of 2022, we will not stop going after retailers who take advantage of the holidays. DTI is committed to ensuring the protection of consumers especially at this time,” Cabochan said.