The situation, in brief
Prices of some basic commodities may increase due to rising costs linked to the ongoing conflict in the Middle East, the Department of Trade and Industry (DTI) said. “Actually, 68 percent of the products have no price increase. Others have price increases, but these are very minimal,” Trade…
Prices of some basic commodities may increase due to rising costs linked to the ongoing conflict in the Middle East, the Department of Trade and Industry (DTI) said.
“Actually, 68 percent of the products have no price increase. Others have price increases, but these are very minimal,” Trade Secretary Cristina Roque told reporters in an interview.
This came as manufacturers sought government approval for price adjustments amid the continuing tensions in the Middle East.
The DTI said manufacturers of canned meat products and certain processed milk items have requested price adjustments.
However, Roque said prices of milk products included in the DTI’s suggested retail price list remain unchanged.
The agency added that it would release a list of specific products and brands that have requested price hikes.
Roque said the increases would mostly affect individual brands rather than entire product categories.
Aside from the products mentioned, she said canned sardine manufacturers have also requested price adjustments due to rising logistics and fuel costs, which have affected both fishing operations and the transport of raw materials and finished goods.
“You have to understand that when they go to the sea, their vessels use fuel. And when they move their products to the manufacturing plant, they also need fuel,” Roque said.
Roque, however, declined to identify the manufacturers involved.
She added that the proposed increases would be “not that much” and could amount to less than 10 percent of current prices.
The trade secretary also clarified that the proposed price hikes are not yet final, as the DTI is still reviewing the manufacturers’ requests. — Photo from DTI – Negros Oriental
