Amid rising prices of goods, the Department of Trade and Industry (DTI) said they are still studying petitions by manufacturers for price increase on basic necessities and prime commodities (BNPCs) to balance the interest of business and consumers.
Amid rising prices of goods, the Department of Trade and Industry said they are still studying petitions by manufacturers for price increase on basic necessities and prime commodities to balance the interest of business and consumers.
“Price increases must be managed to ensure the availability and accessibility of affordable goods for Filipinos,” said Pascual. In December last year, the DTI said they expect the new SRP bulletin to be issued early January 2023. Pascual said that factors such as fluctuating prices of raw materials depending on their sources, seasonal cycles, and climate changes affecting agriculture, varying global prices of fuel, changing manpower and logistics costs, and other market factors, both in the domestic and international platforms, preclude any regular or scheduled SRP bulletin issuance.
“We understand the need for prices to be calibrated towards market realities, taking into account both consumers and the value chain impacted, so jobs are preserved. Suppose these companies would only be able to cover the cost of production with price adjustments. In that case, operations would be affected, some products might be discontinued, and, worst, workers could lose their jobs if failing companies decide to close down.
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