DTI lowers suggested retail price of sardines

By Alvin Elchico, ABS-CBN News

Posted at Jul 10 2012 03:38 PM | Updated as of Jul 11 2012 03:01 AM

MANILA, Philippines - The prices of sardines is expected to go down in August. This comes as the Department of Trade and Industry (DTI) lowered the suggested retail price (SRP) from P13.50 a can to P12.80 a can, effective August 1.

The National Price Coordinating Council has decided to impose the new suggested retail price after receiving data from the Bureau of Fisheries and Aquatic Resources that the price of sardines or tamban already went down to P20-P25/kilo from the previous P30-P35/kilo.

But supermarket owners insist it may not be that easy to implement the order since manufacturers and even fish catchers claimed that prices of tamban have not eased to the prices quoted by BFAR.

Both Philippine Amalgamated Supermarkets Association, Inc. (PAGASA) and Philippine Association of Supermarkets Inc. (PASI) claimed they will just have to explain why prices will remain beyond the SRP.

The NPCC has also rejected requests to increase the suggested retail price for sugar from the current P50 to P52.

Trade Secretary Gregory Domingo warned retailers of sanctions in case they fail to explain why sugar prices are sold beyond the SRP.

Both PAGASA and PASI are again not certain if they will be able to comply with the SRP.

According to the supermarket groups, it does not make business sense to sell sugar or sardines below the acquisition cost, so they will just have to explain why their prices are above the suggested retail prices.