DTI studying creating new list of suggested retail prices of commodities
The Department of Trade and Industry (DTI) is studying creating a new list of suggested retail prices (SRP) of 200 commodities amid soaring oil prices.
"We are studying this, because if we give an SRP bulletin, it will have an effect because the prices will increase. That is why we have to study the (application of the) manufacturers who are asking for an increase... not all are asking for an increase as of this time, '' DTI Consumer Protection Group Assistant Secretary Ann Claire Cabochan said during the ''Laging Handa'' virtual public briefing on Thursday.
Cabochan emphasized that an increase in SRP should not immediately be felt as manufacturers still have raw materials which they have bought before oil prices went up.
"Based on our coordination with manufacturers, we met... last Friday and with retailers last Monday. We know that they have an existing inventory of raw materials and inputs and even fish products," she said.
"So we hope that there will be no increase in the immediate future, but we are studying it," she added.
Cabochan said the increase in SRP will take effect when it is published by the DTI in newspapers.
"Our SRP bulletin is being published in the newspaper of general circulation. It is also uploaded on our DTI website. And any increase will only become effective upon publication by DTI of that SRP bulletin," she said. Robina Asido/DMS
