The Department of Trade and Industry (DTI) proposes a streamlined suggested retail price (SRP) bulletin to focus on essential goods.
The agency presented the proposal during a special meeting of the National Price Coordinating Council (NPCC) on June 27, 2024.
“Our goal with this proposal is to improve the usability and relevance of the SRP Bulletin, making it a more effective tool for consumers to make informed purchasing decisions. By aligning the SRP with essential daily and emergency items, we are taking a significant step towards better price stability and consumer protection,” said Trade Secretary Alfredo Pascual.
The DTI proposed removing stock-keeping units (SKUs) of non-essential items from the SRP list, including condensed and evaporated milk, coffee refills, candles, salt, bottled water, condiments and batteries. These items are generally deemed less essential or have relatively stable prices.
SRPs for core necessities such as sardines, powdered milk, bread, laundry soap, instant noodles, processed and canned meats and toilet soap will be retained under the proposal. These products are considered essential for Filipino households and can be significantly impacted by price fluctuations.
It said the proposal was based on consultations with various stakeholders, including government agencies like the Department of Social Welfare and Development and the Philippine Statistics Authority (PSA), industry associations like the Philippine Amalgamated Supermarkets Association (PAGASA) and the Philippine Association of Stores and Carinderia Owners and individual retailers.
The DTI said it also considered data from the Family Income and Expenditure Survey, the Consumer Price Index (CPI) basket of commodities and top-selling items in sari-sari stores to ensure the revised SRP reflects the most essential goods for Filipino consumers.
A technical working group (TWG) will be established to finalize the specific SKUs within each retained category to further refine the list.
It said the revision aligns with the DTI’s mandate as the key implementing agency of the Price Act and chair of the NPCC.
The Price Act empowers the DTI to set suggested retail prices for basic necessities and prime commodities (BNPCs) to promote price stability and adequate supply.