The Canned Sardines Association of the Philippines (CSAP) is seeking for an increase in the prices of sardines due to rising production cost.
The group also questioned the imposition by the Department Trade and Industry (DTI) of suggested retail prices (SRP) saying it is a form of price control CSAP said there is no legal basis for the agency to approve any price adjustments on commodities.
In a statement, CSAP executive director Francisco Buencamino urged DTI to immediately act on its request for a price increase to cushion the price shocks and trade disruption brought about by the geopolitical conflict between Russia and Ukraine.
The group said another round of fuel price hikes would drive up production costs by 3.5 percent.
CSAP did not indicate the price adjustment being sought.
Buencamino said the industry had previously suffered huge losses when the SRP of sardines remained unchanged for years, even during the height of the pandemic
CSAP noted subjecting commodities to SRP “appears to be an act of price control.”
“The SRP is recommendatory in nature so it should not be limiting the industry to implement sound price adjustments, especially today when the odds are working against us. There is no provision in the Price Act requiring retailers to wait for the agency’s prior approval before implementing any price increase,” Buencamino said.
The SRPs on sardines were adjusted twice in recent months, first in Aug. 29, 2021 and last January 27.
