DTI OKs price hike for 63 basic, prime goods

Consumers will have to tighten their belts further beginning next month as the Department of Trade and Industry (DTI) approved manufacturers’ request for price adjustments for over 60 items of basic necessities and prime commodities (BNPC).

On Thursday, Trade Secretary Cristina Roque told reporters that of the 217 BNPCs in the suggested retail price (SRP) bulletin being issued by the DTI, “only 72% will not have any price increase… the price increase will be for the [remaining] 28%... so around 63 [items]."

Roque said that the price adjustments approved “are below 5% and a little bit below 10%.”

“So the price increase is just very minimal actually,” she said.

The Trade chief said the DTI “understands the side also of the manufacturers” in approving their requests for price hikes in several BNPCs.

Manufacturers are lamenting about the increasing costs of raw materials as well as labor, according to Roque.

Among the items approved for price adjustments include canned sardines, candles, batteries, and powdered milk, the Trade chief said.

“Most are less than 5% [increase], while same are less than 10%… so for example, in pesos, one brand of sardines… let’s say, costs P25 so a less than 10% hike, about 8%, that would be about P1.60,” Roque said.

The DTI chief said that the agency will be releasing the updated SRP bulletin for BNPCs next month.

“Next month will be the start of the price increase… at least there's also enough time for us to tell the consumer that there would be a slight price increase,” she said.

The Price Act defines “basic necessities” as goods vital to the needs of consumers for their sustenance and existence in times of any of the cases such as rice, corn, root crops, bread; fresh, dried or canned fish and other marine products; fresh pork, beef and poultry meat; fresh eggs; potable water in bottles and containers; fresh and processed milk; fresh vegetables and fruits; locally manufactured instant noodles; coffee; sugar; cooking oil; salt; laundry soap and detergents; firewood; charcoal; household liquefied petroleum gas (LPG) and kerosene; candles; drugs classified as essential by the Department of Health.

Prime commodities, on the other hand, are goods not considered as basic necessities but are essential to consumers in times of any of the cases such as flour; dried, processed or canned pork, beef and poultry meat; dairy products not falling under basic necessities; onions, garlic, vinegar, patis, soy sauce; toilet soap; fertilizer, pesticides and herbicides; poultry, livestock and fishery feeds and veterinary products; paper; school supplies; nipa shingles; sawali; cement; clinker; GI sheets; hollow blocks; plywood; plyboard; construction nails; batteries; electrical supplies; light bulbs; steel wire; all drugs not classified as essential drugs by the DOH. — RSJ, GMA Integrated News