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DTI decides price hike requests
By Nidz Godino
"Around this month, we will start releasing letter of concurrence," Trade Assistant Secretary Amanda Nograles told reporters Department of Trade and Industry (DTI) is looking to start issuing its decision on requests for price adjustments of basic necessities and prime commodities (BNPC) this January.
Out of 217 BNPCs in suggested retail price (SRP) bulletin being issued by DTI, she said agency has received requests for price adjustments for 63 items.
"Fifty-nine of those are general price increase….but two items have weight reduction and corresponding price increase, whereas two will have weight and price reduction," Nograles said.
She said those with requests for price adjustments are for canned sardines, processed milk, coffee, bread, instant noodles, bottled water, processed canned meat and canned beef, condiments, toilet soap, candles and batteries.
For food items in particular, she said manufacturers are seeking price adjustments ranging from P0.25 to P7.25.
She said some of price adjustment requests were made in 2022, while some were made early last year, with higher costs of raw materials cited as reason by manufacturers.
Trade Secretary Alfredo Pascual said rising packaging and transport costs are also major source of price increases.
"Strategy is, first in…those who applied first, those will be first to be released… so, it will not be done all at the same time…and then when we are able to release, hopefully by first quarter of 2024, we will update SRP bulletin to reflect all adjustments," Nograles said.
In approving price adjustment requests, she said DTI has its own formula and data to compare with amount requested by manufacturers.
Nograles said manufacturers have to substantiate their claims of increase in production, labor and distribution costs in their requests for price adjustments.
She also said manufacturers' practice of "shrinkflation" or reducing weight of products considered as BNPCs while retaining price have to be evaluated by DTI.
She said manufacturers found to practice "shrinkflation" without informing DTI will be issued with letter of inquiry or notice of violation.
With reduced 3.9 percent inflation in December 2023, Speaker Martin Romualdez assured administration of President Ferdinand Marcos Jr. House of Representatives will continue exercising its oversight powers to ensure affordable prices of goods in the market.
House leader said reduced inflation is "aligned" with target of government to achieve stable two to four percent inflation.
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