The Department of Trade and Industry (DTI) said global factors have stopped the government from releasing much earlier the suggested retail price (SRP) bulletin for basic goods, but promised it would still be released this month.
“The inputs from the international market are erratic,” Trade Secretary Alfred Pascual said as he highlighted the rise and fall in the prices of petroleum and wheat, in particular.
Pascual also took note of recent government policies that would factor into the price control measure, referring specifically to the Department of the Agriculture decision to import red onions.
Red onions—in the times they are available in the market—are now more expensive than red meat at P340 to P550 per kilo.
Pascual said it was difficult to determine the appropriate price tags for manufactured products with these developments, adding that manufacturers are also reviewing the adjusted costs in production.
The trade chief estimated the SRP matrix would be ready shortly after he arrives back in the Philippines.
He will be accompanying President Marcos in Davos, Switzerland from Jan. 16 to 20 for the World Economic Forum.
“Hopefully by that time, the outlook for the commodity prices will be cleared,” Pascual said.
Local manufacturers have petitioned for an increase in their products’ prices last year, citing a parallel hike in the prices of raw materials.
The DTI provides SRPs for goods including canned sardines, processed milk, coffee, bread, instant noodles. While not held against sellers, SRPs provide guidance to consumers in intelligently choosing what goes inside their shopping baskets.