No price hikes on basic goods until end of 2023, DTI says

The Department of Trade and Industry (DTI) on Wednesday assured consumers that there will be no price increases for basic necessities and prime commodities until the end of the year.

At a press briefing in Makati City, Trade Secretary Alfredo Pascual said there was a consensus among manufacturers to hold off any price increases until the end of the year.

“What happened was, we had a meeting with manufacturers. There were at least six, who had earlier submitted requests for price adjustments, who said that they’re withdrawing their requests,” Pascual said.

“Six manufacturers withdrew their earlier request for price increases and it influenced others so a consensus was made to hold off until the end of the year,” the Trade chief said.

Trade Assistant Secretary and Consumer Protection Group officer-in-charge Mary Jean Pacheco said the six companies who withdrew their price hike appeal are manufacturing bottled water, condiments, bread, salt, sardines, and toilet soap.

Manufacturers were requesting suggested retail price adjustments amid high cost of raw materials, fuel, wages, among others.

However, DTI-Consumer Protection and Advocacy Bureau Marcus Valdez II said,

“We still do not see any reason to approve price increases.”

“The August 2023 price of fuel is still lower than August 2022 prices of fuel,” Valdez said.

Nevertheless, the DTI is still doing their assessment of the notices for SRP adjustments.

The DTI issues the SRP bulletin to continuously guide consumers and retailers in their purchase and sale of basic and prime goods. —VAL, GMA Integrated News