The Department of Trade and Industry (DTI) has approved the request of certain manufacturers to adjust the suggested retail prices (SRPs) for products classified as basic necessities and prime commodities (BNPC).
DTI Assistant Secretary Amanda Marie Nograles informed trade reporters that a “small percentage” of 63 out of 217 shelf-keeping units (SKUs) will experience a price increase this month. These adjustments are attributed to higher raw material costs and operational expenses, as stated by manufacturers.
The average price increase for the affected SKUs is merely 6%, a decrease from the 10% average SRP hike observed between 2022 and 2023, according to Nograles. She emphasized that for food items, the price adjustment ranges from 25 centavos to P7.25.
Nograles pointed out the impact of Executive Order 41, released by Malacañang in September 2023, which suspends the collection of pass-through fees by local government units for vehicles transporting goods. This move has contributed to mitigating the proposed price increases by manufacturers.
Moreover, Nograles highlighted that not all brands and variants in each category have filed notices for price adjustments. BNPCs affected by the SRP increases include canned sardines, processed milk, coffee, bread, instant noodles, bottled water, processed canned meat, canned beef, condiments for food products, as well as toilet soap, candles, and batteries for non-food items.
While the DTI aims to release the new SRP bulletin within the month, there will be a delay in implementing the new SRPs as manufacturers and retailers need time to update prices in their systems. The last update to the SRP bulletin was in February 2023.