Makers of bread, instant noodles, milk, sardines, and even non-essentials like candles are bound to raise their prices in the first quarter of 2023, based on a gentle reminder issued by the Trade Department Tuesday. READ:
Power retailer Manila Electric Co. also said Tuesday its rates might go in December with the completion of its P0.47 per kilowatt-hour refund.
Trade Undersecretary for consumer protection Ruth Castelo said the DTI was preparing consumers to brace for a new set of price increases on basic necessities and prime commodities as the Department was poised to issue a new Suggested Retail Price bulletin next year.“We’re being candid on the new SRP. We know that consumers are still reeling from Christmas expenses that’s why we are timing the release on the new bulletin accordingly,” she said.
“Government is working on lowering the prices of goods. We told manufacturers to raise their prices to the absolute minimum…And if there are instances of overpricing, you can report them to us at DTI-1384,” Castelo said. Zaldarriaga assured customers that Meralco is continuously exerting all efforts to mitigate any impact of rate increases to their power bills.
“However, we anticipate its impact to be partly mitigated by lower generation costs due to an appreciation of the Peso and lower WESM prices, because of a slightly improved supply-demand situation,” Fernandez said. The third refund involves P7.8 billion, equivalent to P0.4669 per kWh starting May 2022 to November 2022.
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