DTI Urges Consumers to Report Retailers Selling Goods Above SRP

The Department of Trade & Industry (DTI) urged the public to report retailers selling goods above the suggested retail price (SRP) as they continue to intensify prices and supply monitoring activities to ensure that prices of basic needs and prime commodities (BNPCs) in the markets are within the SRPs.

The public can report retailers selling goods above the SRPs at the DTI Consumer Hotline at 1-DTI (1-384) or text 09178343330.

The DTI recently released the latest SRP list of BNPCs for the guidance and information of consumers and retailers.

The SRP list can be accessed through the DTI website (www.dti.gov.ph) or downloaded from the ePresyo mobile application via Play Store for Android device, and App Store for Apple devices.

Out of 242 shelf keeping units (SKUs) in the SRP list, 186 or 77 percent retained their SRPs while the remaining 56 SKUs or 23 percent increased their prices due to high cost of raw materials and depreciation of peso.

“Due to the three-month price hold-off that was implemented in the last quarter of 2018, no price increase was effected despite peak in inflation, oil price hike, peso devaluation, and increase in the prices of raw materials in the world market,” Trade & Industry Secretary Ramon M. Lopez said.

“It is only this time when the DTI implemented SRP adjustments after thorough evaluation and consultation with the manufacturers of basic and prime goods,” Lopez added.

He further added, “Business principles dictate that companies do not necessarily increase their prices easily as they are also afraid of losing patronage to competition. As much as possible, manufacturers absorb rising production costs to keep their loyal customers.”

Image Source: www.pia.gov.ph

Prices of several canned sardines 155g have increased by Php 0.40 to Php 1.30.The continuous spike in the prices of tamban, tin can, tomato paste, fuel, and other miscellaneous fees contributed to the rise in 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 (meat) and packaging materials (label, tin, and carton).

Prices of evaporated and condensed milk products also noted an increase ranging from 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 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 (fish extract and soy bean meal) labor rate, and packaging materials (PET bottle and carton). The SRPs of vinegar range from P6.40 (200ml) to P14.70 (350ml), patis 350 ml from P20.50 to P25.65, while soy sauce 340ml ranges 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 reasonableness of prices of basic and prime goods and maintain the adequacy its supply, and to stop trade malpractices in the market,” Lopez said. (PIA InfoComm/DTI)