Price monitoring, retail prices

DTI 11 intensifies price monitoring of new SRPs

The Department of Trade and Industry (DTI) in Davao Region has intensified its price monitoring activities following the release of the latest set of suggested retail prices (SRPs). This new list of SRPs for basic necessities and prime commodities (BNPCs) must be followed effective August 29 this year. It can be recalled that the last time DTI issued an SRP bulletin was on September 30, 2019, which is two years ago already. With the said list, the agency provides a guide of the prescribed prices of various consumer products, such as, but not limited to, canned and other food products, bottled water, dairy, and common household or kitchen supplies.

From September 9 to 15, the DTI offices in Davao City, Davao del Sur, Davao de Norte, Davao Oriental, Davao de Oro, and Davao Occidental monitored 50 business establishments from the eight price monitoring activities they conducted. 

The respective monitoring teams reported a 100% compliance among those monitored. Meanwhile, the entire DTI 11 has already conducted 268 price monitoring of 328 business establishments throughout the region from January to September 15 this year.

DTI 11 Regional Director Maria Belenda Q. Ambi explained that in as much as DTI would like to keep the 2019 prices of the BNPCs, it is difficult to do so since certain factors have to be considered. Thus, the request for price increase was granted to the manufacturers, distributors, and retailers. This is to help them keep up with the high production cost and ensure the stability of supply in the local market for the benefit of consumers. The price increase, however, is minimal, or just between 3% to 8%.

The regional trade official further shared that most of the necessary raw materials are imported, a scenario that has prompted the slight escalation in prices as well. It is worth noting that the international trading arena was greatly affected by the COVID-19 pandemic. In fact, many countries have been experiencing economic recession for a year now.

"We understand that this move may not be acceptable to the consuming public, even if the increase is just minimal. Nevertheless, we have to understand, too, that since 2019, the inflation rate has gone too high already," Ambi added while emphasizing that the global health crisis resulted in the high cost of raw materials used to manufacture the BNPCs.

Amid this recent development, Ambi assured the public of DTI's continued commitment to provide a safe consumer environment by doing regular price monitoring. It is their goal to only provide quality and safe products at reasonable prices or within the mandated SRPs. She also warned the business establishments, saying that any violation against the approved SRPs will be dealt with accordingly. They may be made to explain and/or penalized, whichever is deemed applicable based on the existing guidelines and procedures.
"We aim for value for money when you buy basic necessities and prime commodities. We, therefore, encourage consumers to be vigilant by checking the present SRP and monitored prices through the DTI e-Presyo page," said Ambi.DTI11

 
 
 
				
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