A noticeable surge in inflationary pressures has prompted multiple food product manufacturers to turn to the Department of Trade and Industry (DTI), seeking approval for price hikes spanning a range of one to five percent.
In a recent Laging Handa public briefing, Ruth Castelo, the Undersecretary of the Consumer Protection Group (CPG), disclosed that a total of 13 manufacturers specializing in essential goods and primary commodities (BNPCs) have submitted proposals to the DTI, advocating for price increases.
This comprehensive array of requests spans across 43 shelf-keeping units (SKUs), encompassing diverse products like canned sardines, evaporated milk, powdered milk, coffee, instant noodles, bottled water, and canned meat, among others.
Specifically, according to Castelo, manufacturers of food items are targeting an increase ranging from one to five percent, translating to monetary increments spanning from P0.10 to P7.27.
On the other hand, non-food item manufacturers have aimed for a more substantial uptick, seeking a hike between six to ten percent, which equates to adjustments spanning from P1.50 to P9.75.
Castelo attributed these petitions for price adjustments to the mounting concerns over escalating raw material costs, particularly those linked to imports.
She also emphasized the pivotal role of the DTI in this process, underscoring the presence of a systematic mechanism designed to rigorously scrutinize and validate the price increase applications presented by manufacturers.
Meanwhile, within the framework of the latest suggested retail price (SRP) bulletin, modifications have been introduced for 76 SKUs, while the pricing for 141 SKUs remains unaltered.