The Department of Trade and Industry (DTI) may do away with the regular imposition of suggested retail prices (SRP) on basic necessities and prime commodities (BNPCs) and use the scheme only in times of calamities and disasters.
Meanwhile, price adjustments loom on canned sardines, powdered milk and toilet soap.
In a press briefing, DTI Secretary Alfredo Pascual said the agency eyes the use of its other powers in ensuring consumer protection and fair trade through the Price Act and Consumer Act, such as provisions against profiteering.
Pascual also said the DTI will utilize the technology-enabled e-presyo where prices of BNPCs in retailers nationwide can guide consumers where to find the lowest prices.
While SRP imposition has become a practice, it is not mandated under the Price Act, Pascual said.
The DTI will release within the year results of a study on the SRP mechanism, incorporating the findings of separate studies conducted by the Department of
Justice in 2015 and of the World Bank in 2019 which found the market situation in the country as restrictive, not benefitting the public and not maximizing competition.
“The World Bank considers the imposition of SRP for BNPCs restrictive and could affect the interest of producers to (invest in the) country,” Pascual said, adding the scheme could be a disincentive to investors.
DTI assistant secretary Amanda Nograles said the agency will observe status quo on the more than 50 items that have pending requests for price adjustments.
“We will proceed and review the requests and we will release …as targeted, an SRP bulletin in March,” Nograles said.
Meanwhile, price adjustments loom on canned sardines, powdered milk and toilet soap.
Nograles said four of 15 stock keeping units (SKUs) of sardines will see a 14 to 15 percent increase; one of five SKUs of powdered milk will have an increase of 9 percent while four of 10 SKUs of soap will go up 10 percent.
