Prices of basic goods may inch up as manufacturers cite rising costs — DTI
MANILA, Philippines — Filipino consumers may soon experience slight increases in the prices of some basic goods as manufacturers continue to deal with rising fuel and logistics costs brought about by the ongoing conflict in the Middle East.
The possible adjustments come after the Department of Trade and Industry (DTI) secured commitments from manufacturers to keep prices of basic necessities and prime commodities (BNPCs) unchanged until May 10 to help cushion the impact on consumers.
Trade Secretary Cristina Roque said around 68% of the products monitored by the agency have so far maintained stable prices despite growing operational expenses.
“Actually, 68% of the products have no price increase. Others have price increases, but very minimal,” Roque said on Wednesday, May 20.
According to the trade chief, the proposed adjustments mostly involve selected brands and stock keeping units (SKUs), rather than entire product categories.
Among the goods seeking price adjustments are canned sardines, canned meat products, some processed milk items and selected instant noodle brands.
Roque clarified, however, that milk products under the government’s suggested retail price list have largely remained unchanged.
“It’s more of the brands. More than the SKUs,” she said, explaining that proposed increases for some milk products remain below 10%.
Roque said sardine manufacturers, in particular, have cited rising fuel and logistics expenses as among the main reasons for seeking adjustments, especially as fishing operations and transportation continue to be affected by elevated fuel prices.
“You have to understand that when they go to the sea, their vessels use fuel. And when they move their products to the manufacturing plant, they also need fuel,” she said.
Earlier, manufacturers voluntarily agreed to postpone price increases until April 16 before extending the commitment to April 30 and later to May 10.
The DTI had earlier assured the public that there would be enough supply of basic goods and urged consumers to avoid panic buying while the agency continued monitoring inventories and prices nationwide.
Concerns over sardine supply also emerged after industry groups warned that inventories were running low following the three-month fishing closure from November to February, compounded by soaring global fuel prices.
Fishing groups earlier disclosed that only about half of fishing fleets remained operational due to the high cost of fuel, prompting some sardine manufacturers to prioritize domestic supply and temporarily suspend exports.
Roque said there have been no discussions so far regarding possible price increases for bread and other staple food products.
The DTI is currently reviewing manufacturers’ petitions and holding consultations before finalizing any updated suggested retail price list.
It would also begin monitoring the prices of school supplies as the new school year approaches although manufacturers in the sector have not yet signaled any planned increases.
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