DTI still finalizing updated SRPs of basic goods

The Department of Trade and Industry (DTI) on Wednesday said it is still finalizing updates to the suggested retail price (SRP) of basic necessities and price commodities (BNPCs), adding that it does not want this to coincide with the ongoing increases of other products.

According to Trade Undersecretary Ruth Castelo, the agency is still studying the proper timeline for the release of the updated SRP, which was last modified in August 2022.

“Actually initially, ang plano talaga natin is to release it this month in January kasi marami na rin tayong pending requests talaga, pero hindi pa po tayo tapos at pinagaaralan rin nating mabuti talaga kung kailan natin dapat ilabas,” she said at a public briefing.

“‘Yung figures po, meron kaming natitirang validation dahil ang requests po panay rin ang dating sa atin, so meron na lang po kaming mga tinatapos na mahalagang figures din para masigurado natin talaga ‘yung computation, so wala pa po tayong date kung kailan natin siya ilalabas,” she added.

[Actually initially, the plan was really to release it this month in January because of the number of pending requests but we are not yet finished and we are studying the proper time for release.

For the figures, we have validation left because requests continue to come in, so we are still finishing important figures to to be sure of the computation, so we do not have a date yet when we are going to release it.]

Castelo said that among the petitions they are looking at are proposed increases in the prices of canned meat, canned sardines, condiments, coffee, processed milk, instant noodles, bread, candles, bath soap, and detergent soap.

Among the factors cited in the petitions are the increase in prices of raw materials and the higher fuel prices, bringing up the cost of production.

“Hanggat maari hindi po natin muna isasabay sa mga nangyayaring pagtaas ng presyo ng ibang produkto sa ngayon,” Castelo said.

[As much as possible, we will not release while prices of other products.]

Moving forward, Castelo said Trade Secretary Alfredo Pascual is also set to convene the National Price Coordinating Council (NPCC) to address the increase in prices of goods such as onions, which have become expensive than the daily wage.

Pascual is part of the Philippine delegation to the World Economic Forum (WEF) in Davos, Switzerland, led by President Ferdinand “Bongbong” Marcos Jr. who also serves as Agriculture Secretary.

“Tungkol sa sibuyas, ‘pag dating po ni Presidente, siyempre kailangan may recommendation ang NPCC. ‘Pag dating nila, si Sec. Pascual will convene the NPCC para makapaggawa po kami ng resolutions and then make the recommendation to the President,” Castelo said.

[For onions, when the President arrives, the NPCC will need to have recommendations. When they arrive Sec. Pascual will convene the NPCC for us to make resultions and then make the recommendation to the President.]

Latest data available from the Department of Agriculture (DA) show that prices of local red onions ranged from P320.00 to P450.00 per kilogram in Metro Manila markets as of January 18, 2023.

Prices hit as high as P720 per kilogram in December, higher than the daily minimum wage of P570 in Metro Manila.

The Philippines is set to import 21,060 metric tons (MT) of onions, with importers given until January 27, 2023 for the shipments to arrive in the country, in a bid to offset the high prices. — RSJ, GMA Integrated News