Difficult to prescribe SRP for bikes, says DTI chief

As the demand for bicycles increases amid the lack of public transport under the general community quarantine, the Department of Trade and Industry (DTI) admitted it is difficult to prescribe a suggested retail price (SRP) for all bikes.

According to Tina Panganiban Perez’ report on “24 Oras” on Wednesday, Trade Secretary Ramon Lopez said this was because there are many different models and spare parts for bikes.

However, he reminded online sellers that they are obligated to publicly disclose the price of their goods

Lopez said the Price Act mandates price tags for basic necessities and prime commodities, including thermal scanners and face masks that have become a need amid the coronavirus pandemic.

He clarified that only products covered by the DTI’s SRP are required to have a price tag.

“Mayroon tayong usually diyan either penalty na related sa Price Tag Law, if I remember it right, similar din ‘yan doon sa profiteering and against the Consumer Act penalty, if I’m not mistaken, anywhere from P5,000 to P1 million,” Lopez said.

“Sa panahon ngayon, sana wala na po munang mga magsasamantala lalo na sa consumers. Importante, magtulungan po tayo sa panahon na may krisis tayo,” he added. - Julia Mari Ornedo/MDM, GMA Mews