Trade Sec Pascual said 55 out of 280 SKUs will likely increase it prices including basic necessities and prime commodities.
The prices of 55 stock-keeping units (SKUs), including canned sardines, coffee, bread, milk, and canned meat, might increase based on the recent report of the Department of Trade and Industry (DTI). But most of these SKUs have already increased their prices based on recent supermarket surveys.
Trade Secretary Alfredo Pascual announced that 55 out of 280 SKUs have asked that prices be increased as he reported the range of such increase in percentage terms.
“For basic necessities and prime commodities, we see a possible hike in 55 SKUs out of 280; for 10 SKUs, a 1-5 percent hike; for 14 SKUs, about 6-10 percent; for 31, more than 10 percent most are candles in the items with more than 10 percent increase,” Business Mirror quoted Pascual.
DTI Undersecretary for Consumer Protection Group (CPG) Ruth Castelo said that the 55 SKUs include basic necessities and prime commodities (BNPCs) such as canned sardines, coffee, bread, milk, and canned meat.
Pascual said 25 percent of the products for which manufacturers requested a price increase will have price adjustments.
Meanwhile, DTI-CPG Assistant Secretary Ann Claire Cabochan said they have received requests for price increases for bread, coffee, milk, canned sardines, and meat.
Jerome Ong, vice president of the Philippine Association of Meat Processors Inc. (Pampi) said that they are seeking a price increase ranging from P1.50 to P2 per canned meat.
“We understand that everyone’s having a hard time right now. We are ready to make the sacrifice and ask for a smaller price increase compared to what we really need. The price increase that we need is P3 to P4 per can. But since we are also backing the DTI and the government’s goal of selling canned meat at cheaper prices in order to help consumers, our request only ranges from ₱1.50 to ₱2 per can,” Ong said last month.
Jerry Lao, president of the Philippine Baking Industry Group (PhilBaking) said last month that some of their members have cut down production because of the increase in flour prices..
Lao said that they have just requested a very small increase of ₱4 from the DTI. He added that industry’s price-increase request has been delayed for six months already since they wanted to help consumers stretch their purchasing power.
He added that the industry can no longer hold the line with the effect of the price increase in sugar and fuel.
Further, based on the Suggested Retail Price (SRP) updated last August 12 Pinoy Tasty costs ₱38.50 and Pinoy Pandesal ₱23.50 per 450-gram pack, respectively.
For canned sardines, Canned Sardines Association of the Philippines (CSAP) Executive Director Francisco Buencamino also said last month the petition to increase the SRP for canned sardines by ₱3 was filed by CSAP in July, months before the group warned of a “looming” raw material shortage in the latter part of the year.
Buencamino remarked that while maintaining their prices for the past two years, the ₱3 suggested increase is a "very little fraction" of the costs for finished canned goods.
Based on the government's SRP as of August 12, the going rate for a 155-gram can of sardines in tomato sauce ranges from a low of ₱13.25 to a high of ₱19.58.
Tags: #BNPC, #DTI