DTI releases latest SRPs of basic, prime goods

March 20, 2018 - 10:59 AM
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A man works the grocery aisle in file photo. BUSINESSWORLD PHOTO

MANILA – The Department of Trade and Industry (DTI) has released suggested retail prices (SRPs) of basic and prime commodities as of March 15.

Compared to their SRPs in the same month last year, prices are generally stable in products such as bread, coffee, bottled water, and canned sardines.

In prime commodities, prices of fish sauce, bath soap, and batteries were also the same from 2016.

DTI led early this month the National Price Coordinating Council (NPCC) meeting, wherein Trade Secretary Ramon Lopez said prices did not increase dramatically due to Tax Reform for Acceleration and Inclusion (TRAIN) law.

On the other hand, prices of canned goods like luncheon meat, meat loaf, beef loaf, and corned beef, increased by less than PHP3.

Lopez said the increase in prices of canned goods was mainly due to foreign exchange rate movement and higher prices of tin plates used for cans.

When the TRAIN law took effect at the start of 2018, DTI said the tax reform would only translate to a 0.4 percent increase in prices of goods, with transportation cost increasing by 7 to 8 percent due to higher excise tax rates on fuel products.

Transportation cost also shares less than 5 percent of the total production cost.

Meanwhile, DTI is promoting the implementation of SRPs in bigger sari-sari stores by giving the seal of good housekeeping in stores that will volunteer to sell basic and prime goods at SRPs.

Dubbed Suking Tindahan Program, Lopez said this initiative is in line with the administration’s thrust to improve consumer welfare and to ensure easier access to cheaper products for Filipinos.