THE AMERICAN Chamber of Commerce of the Philippines, Inc. (AmCham) pressed the Department of Trade and Industry (DTI) to publish suggested retail price (SRP) bulletins for basic necessities and prime commodities on a regular basis to help manufacturers manage their operations.
AmCham Executive Director Ebb Hinchliffe, in a letter dated Jan. 20 addressed to Trade Secretary Alfredo E. Pascual, said the request for the regular issuance of SRP bulletin is caused by surging production costs that are affecting the chamber’s member companies.
“We are very concerned about the rising inflation rates and the impending global economic slowdown that hounds the Philippine economy. A lot of our member companies are struggling to continue production given the rising prices of raw materials and services,” Mr. Hinchliffe said.
“AmCham strongly urges the DTI to regularly publish SRP bulletins in accordance with the Price Act to allow producers and manufacturers to adequately plan their operations and finances. This will ultimately help businesses to stay afloat and continue to provide jobs and quality products for our countrymen,” he added.
Mr. Hinchliffe also said the AmCham is ready to help the DTI in gathering data that would help assess the market prices of various consumer goods.
The DTI issued the latest SRP bulletin in August last year, which posted price increases for 67 out of 218 stock keeping units due to higher production costs. The price increases ranged from 3.29% to 10%.
Some of the goods that posted price increases were canned sardines, coffee, noodles, bottled water, processed milk, detergent soap, candle, and condiments.
Mr. Pascual previously said that the DTI is targeting to issue the new SRP bulletin this month. He also said that the DTI has already received price hike petitions, which are being examined.
He also sought additional information from manufacturers to help the DTI in its evaluation of the price hike proposals.
Earlier, the DTI confirmed that it has received price hike proposals for products such as canned meat, canned sardines, condiments, coffee, processed milk, instant noodles, bread, candles, bath soap, and detergent soap, citing higher production costs.
BusinessWorld sought the DTI’s comment on the AmCham’s letter but has yet to respond as of deadline time. — Revin Mikhael D. Ochave