New SRP bulletin still due for release this month
AN updated list of suggested retail prices (SRP) for manufactured goods remains due for release later this month, Trade Secretary Alfredo E. Pascual said.
Mr. Pascual said his department’s Consumer Protection Group (CPG) is still reviewing the proposed price hikes of basic necessities and prime commodities (BNPCs) and the updates to be made to the SRP bulletin.
“Around January (we will issue the SRP bulletin) … That’s what we said last time… we will seriously look at the requests. The work is ongoing with the team of CPG,” Mr. Pascual told reporters recently.
Mr. Pascual said he expects the new SRP bulletin to be finalized once he returns from the World Economic Forum conference in the Swiss resort town of Davos, which runs between Jan. 16 and 20 in Davos.
Products that have pending price hike applications include canned goods, milk, coffee, and bread.
“Hopefully, by that time, the outlook for commodity prices will be clearer,” Mr. Pascual said.
According to Mr. Pascual, the review is experiencing snags because of price volatility.
“It’s difficult. You rely on the old high prices and then the prices suddenly fall. Another thing happening now is that the manufacturers are reviewing their products. They will decide what product they will include in the SRP list,” Mr. Pascual said.
“Other manufacturers are thinking of including even high-end products… technically, it is not necessary to include everything. Our interest is products that are usually consumed by the mass base of our consumers,” he added.
The latest SRP bulletin was issued by the department in August. The bulletin authorized price hikes for 67 out of 218 stock keeping units following surging production costs. The price increases ranged from 3.29% to 10%.
Some of the BNPCs authorized to raise prices were canned sardines, coffee, noodles, bottled water, processed milk, detergent soap, candles, and condiments. — Revin Mikhael D. Ochave