DTI still reviewing price hikes for basic goods

MANILA, Philippines — The Department of Trade and Industry (DTI) has clarified that it is still reviewing requests for price hikes of basic goods and assured the public that any increase won’t go beyond five percent of current price.

“We have not announced (a price increase). It is not yet effective,” Trade Secretary Ramon Lopez said in an interview with “The Chiefs” on Cignal TV’s One News Wednesday night.

Lopez made the clarification amid reports that the DTI has approved price increases for basic goods including canned goods and noodles.

There have been requests to adjust prices of some basic goods as costs of inputs are rising.

He said any increase would not be more than five percent or over P1 of the current retail price. “So if ever there would be adjustment, it would be very small,” he said.

He said the DTI has been holding off increases in prices of basic goods for two years amid the pandemic.

Suggested retail prices (SRPs) of basic goods have been unchanged since 2019.

Lopez said there were also no adjustments in prices of Noche Buena products or those consumed during Christmas Eve last year.

“So we are really holding off price increases because of the pandemic,” he said.

The DTI provides an SRP list of basic and prime goods to serve as a guide for consumers and retailers.

Basic necessities and prime commodities covered by the SRP list include canned and other food products, bottled water, dairy, and common household or kitchen supplies.