MANILA - The Department of Trade and Industry (DTI) on Thursday said it is reviewing the suggested retail prices (SRP) of basic goods in light of rising fuel costs following Russia's invasion of Ukraine.
Trade Assistant Secretary Ann Claire Cabochan however said DTI doesn't expect prices of basic and prime commodities to increase anytime soon.
"Sa ugnayan with manufacturers and retailers, meron silang existing inventory, inaasahan namin na sa pag-produce nila ng produkto at this time using yung input na 'yan," Cabochan said in a televised briefing.
(Based on our discussion with manufacturers and retailers, they have an existing inventory. We expect that they will produce their products, at this time, using those inputs.)
Cabochan said the DTI does not expect manufacturers to hike prices because they bought these supplies before oil costs spiked and Russia invaded Ukraine.
"Hindi sana mangyayari na mag-increase in the near future pero pinag-aaralan," she said.
(Hopefully, there won't be a price increase in the near future, but we are studying it.)
She said that the agency is studying if the movements in the cost of raw materials and fuel justify a price hike.
"Titingnan po natin muna kung justified yung increase (We'll see if an increase is justified)," Cabochan said, adding that only then will DTI adjust prices in its SRP bulletin.
Retailers, she said, have so far been compliant with the DTI SRP bulletin based on the agency's monitoring.
The latest SRP bulletin is available for consumers to check at DTI's website.
Cabochan's statement came after some canned sardines manufacturers appealed for a price increase, citing the cost of fuel.
Manufacturers have also asked for price increases for processed milk, evaporated and condensed milk, meatloaf and canned beef, she said.
A price freeze will not be implemented either, she said, adding that only basic goods would be affected if this happens.
Basic commodities differ from prime commodities, which are not needed in day-to-day activities of ordinary Filipinos. Prime goods include flour, cement, plywood, condiments, and some types of medicine, DTI said on its website.
She said DTI has yet to receive a complaint on the hike in LPG costs.
DTI is also willing to help ensure that food delivery service riders are included in the fuel subsidy implemented by the Transportation Department, Cabochan said.