PASIG CITY, (PIA) -- The Department of Trade and Industry (DTI) has ensured that the price increase or suggested retail price of 82 basic products will not exceed 10%.
During the Laging Handa public press briefing, Trade Undersecretary Ruth Castello said that the manufacturers' price hikes are quite significant but she said the maximum adjustment they have approved is only up to 10%.
According to Castelo, consumers will not feel the price hike much because it is only from fifteen cents to a few pesos.
Among the products experiencing price increases are canned fish or sardines, bottled water, processed milk, coffee, salt.
The main reason for their consent to higher prices is also the increase in the price of raw materials and the continuous increase of petroleum products.
Meanwhile, the new suggested retail price (SRP) covers supermarkets and grocery stores in the country, but does not cover convenient stores and sari sari stores. (PIA-NCR)