6 price hike petitions withdrawn, says DTI | Inquirer News

6 price hike petitions withdrawn, says DTI

/ 05:46 AM October 05, 2023

SMALL MERCIES  A consumer picks necessities from a grocery as manufacturers agree to hold off price increase petitions.  —MARIANNE BERMUDEZ

SMALL MERCIES  A consumer picks necessities from a grocery as manufacturers agree to hold off price increase petitions.  —MARIANNE BERMUDEZ

Several price hike petitions from local manufacturers have already been withdrawn, the Department of Trade and Industry (DTI) said on Wednesday, with the government agency noting that there will likely be no more increase in the prices of basic goods this year.

Trade Secretary Alfredo Pascual said at least six local manufacturers that previously submitted requests for price adjustments have already withdrawn their petition.


“Manufacturers withdrew their earlier request for price increase, and it influenced other [manufacturers], and there was a consensus to hold off any more until the end of the year,” Pascual said at a press conference in Makati.


Trade Assistant Secretary Mary Jean Pacheco, who was at the same conference, said these are manufacturers of bottled water, candles, condiments, bread and toilet soap.

Pacheco said they would also meet with manufacturers of canned sardines on Thursday to discuss if there would be any upward price adjustments to their products.

READ: DTI: No price hike on some basic goods until yearend

In February, Canned Sardines Association of the Philippines president Francisco Buencamino told the Inquirer that the price adjustment in the suggested retail price (SRP) bulletin released that month was insufficient to cope with rising production costs.

Buencamino said they were requesting for a P3 increase but were only granted half of that request.

He cited rising oil prices, as well as that of tin can and even tomato paste as the main reasons for their petition.

The DTI released its last SRP bulletin back in February, reflecting increases in the prices of bread, canned goods, instant noodles, milk and other goods.


READ: Price hikes sought on more basic goods – DTI

Price increases for six sardine brands listed in the DTI’s SRP bulletin ranged from P1 to P1.50, with the price tag of the cheapest brand settling at P13.25 while the most expensive one reached P19.58.

In the same bulletin, the price of a 450-gram loaf of Pinoy Tasty went up by P2, going from P38.50 to P40.50, while the price of a 10-piece pack of Pinoy Pandesal increased from P23.50 to P25, with a P1.50 increase.

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TAGS: DTI, petitions, price hike

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