DTI To Continue Dialogues With Manufacturers To Cut Prices Of Goods

The Department of Trade and Industry (DTI) will continue to hold talks with manufacturers to bring down suggested retail prices (SRPs) of goods due to lower oil prices.

DTI Undersecretary Victorio Mario Dimagiba, in a briefing on Thursday, said the department will continue its discussion with manufacturers to cut SRPs as instructed by the National Price Coordinating council (NPCC).

“Our computation shows that there should be roll back on SRPs,” Dimagiba said noting the low oil prices in the market.

“But the manufacturers remained insistent,” he added.

Despite the drop in oil prices, the official said high tracking and shipping cost, as well as the depreciation of peso affects the prices of imported raw materials.

As a result, these factors hamper producers’ decision to implement price cuts of basic and prime goods.

“The DTI will continue to dialogue with the manufacturers on bringing down the SRPs of non-agricultural basic and prime goods at a level which is reasonable for both the consumers and business. The Department is aware and understands the concernment of all stakeholders that is why we are very conscientious in addressing this matter,” he said.

Since the start of this month, the Consumer Protection and Advocacy Bureau (CPAB) has been conducting dialogues with various manufacturers including Sardine Association of the Philippines, Century Pacific Food, Inc., Maunlad Canning, Nestle Philippines, Snow Mountain, Philippine Association of Meat Importers, Unilever, Procter & Gamble, and Wellmade.

However, Dimagiba assured that prices of goods will remain stable even if the DTI and manufacturers fail to reach an agreement to cut SRPs.

“Our monitoring data reflects that competition is at play in the market given the increases and decreases in the prices of some brands of manufactured basic and prime goods. Nevertheless, we assure the consuming public that these movements are still within the SRP level. Likewise, the retailers’ full compliance with the SRPs is an even greater assurance for our consumers that the products being offered in the market are sold at reasonable prices,” he stressed. (PNA) BNB/KMC/EDS