Customers can now be assured that prices of more products are more or less within the appropriate price range.
This after the Department of Trade and Industry decided to expand the list of products and brands covered by the suggested retail prices.
DTI Secretary Ramon Lopez said the expanded SRP is aimed at easing the impact of rising prices of basic goods.
The SRP is a tool used by the DTI to monitor prices of basic goods and prime commodities to prevent unscrupulous traders from practicing profiteering.
“Sa DTI po dinamihan natin ang nako-cover ng SRP natin… Dinamihan natin ang mga produkto na kino-cover ng SRP. Dati ‘yan mga 145 [items]. Ngayon 209 [items] ang kino-cover na natin,” Lopez said in a radio interview.
Previously, products covered by SRP include canned goods like luncheon meat, meatloaf, corned beef, condiments like vinegar, soy sauce and patis, soap, candles, batteries, bottled water, sardines, powdered milk, coffee and other consumer products.
Aside from expanding the list of products and brands covered by SRP, the DTI said it will also intensify its price monitoring activities by checking more stores every week. “Dinamihan ang mga tindahan na mino-monitor from 400 to 600 every week,” Lopez added.
The government partly blamed profiteers for the increase in prices of goods, saying that these profiteers have taken advantage of the tax reform law.
Lopez claimed that only 20 percent of manufactured products have registered price increases while the remaining 80 percent remained steady.
“Sa aming pagsu-survey every week, sa manufactured hindi masyadong gumagalaw kasi maraming choices,” Lopez said, noting that competition among different brands helped control price movements.
“At minimal 2 percent to 10 percent lang ang ang nagiging increase niyan,” Lopez said.