Six manufacturers have withdrawn their petition for price increases but the Department of Trade and Industry (DTI) yesterday said it will continue to appeal to producers of basic and prime commodities (BNPCs) to temporarily “sacrifice” profits on mass-based, low-priced products.
Alfredo Pascual, DTI secretary, in a press conference said in their latest meeting, manufactures of bottled water, candles, condiments, bread and toilet soap are holding off any price increase which influenced other producers to arrive at a consensus not to adjust prices till the end of the year.
But Pascual said the DTI will meet today with the Canned Sardines Association of the Philippines to follow the consensus.
The group has asked for a price increase on sardines, citing high cost of raw materials due to scarcity of tamban, high logistics costs as well as the peso depreciation affecting the cost of their importation of tin cans and tomato paste.
“(Sardines manufacturers) have not adjusted their prices; we are still studying their petition,” Pascual said in a press conference announcing activities of the Consumer Welfare Month.
He said manufacturers are producing a wide range of varieties for the same product and can very well absorb the additional costs.
“Manufacturers have low- end and premium varieties. They have flexibility to sacrifice a bit on the low-cost (varieties) while they can recover in the premium line as a temporary measure. We have not encountered any producer (of BNPCs) which solely produce premium products,” he added.
Pascual said in the next suggested retail price bulletin, the DTI will encourage the rounding off of price adjustments to the nearest 25 centavos.
He said this is in compliance with the Bangko Sentral ng Pilipinas directive due to the limited circulation of the lower denomination coins, 5 and 10 centavos.
