Department of Trade and Industry (DTI) Secretary Alfredo Pascual expressed appreciation to various manufacturers who attended the consultation meeting on September 21 with the official for holding off price increases this year despite rising costs of fuel and inputs.
The DTI convened the meeting on September 21, with 29 manufacturers of basic necessities and prime commodities (BNPCs) including canned sardines, coffee, processed milk, bread, salt, detergent, candles, condiments, bottled water, canned meat, toilet soap, and batteries; and two (2) associations participating in the dialogue.
Previously, as of September 19, 14 manufacturers of 46 stock keeping units (SKUs) covering 10 categories of BNPCs, requested suggested retail price (SRP) adjustments due to the high cost of major raw materials, packaging materials, fuel, wages, and other costs that affect the production of essentials goods.
During the dialogue, manufacturers expressed their concerns on various issues, including the imposition of pass-through fees, lack of local supply of raw materials, the compliance requirements of other government agencies, and other regulatory concerns.
In their commitment to observing the Christmas spirit and ensuring everyone can enjoy the festive season, the Philippine Association of Meat Processors, Inc. (PAMPI) noted manufacturers of Noche Buena products have decided to absorb the bulk of rising costs.
PAMPI assured the public they are working diligently to manage rising costs. Production costs have so far risen by an estimated 10-15%. PAMPI added most of these products will only see a modest price increase of up to 4%.
While happy to hear many are willing to hold off price increases, Secretary Pascual explained, “We have a growing middle class who can spend on premium products, but we are also mindful of the need to help consumers who survive on a day-to-day basis.”
Meanwhile, the DTI Secretary also committed to working closely with the salt and canned sardine manufacturers to address their specific concerns.
He also ensured all concerns raised are taken into consideration and vowed to support the manufacturing sector, urging them to go into value addition. “We have survived the COVID-19 pandemic so I am confident that whatever challenges we now face, by keeping our communication lines open and working together, we can grow the manufacturing sector,” he added.
Further, Secretary Pascual vowed to assist the industry in resolving the various issues raised during the meeting with other government agencies concerned to lower operating and distribution costs.
The DTI issues the SRP bulletin to continuously guide consumers and retailers in their purchase and sale of basic and prime goods. The public may refer to the most recent SRP bulletin of basic and prime goods before going to the supermarkets and grocery stores. The price guide is accessible via the DTI website.
