Metro Manila (CNN Philippines, October 5) — The suggested retail prices (SRPs) of goods will stay where they are until year-end after manufacturers heeded the Trade Department’s call to postpone factory price hikes to soften inflation’s blow on consumers, according to an economic manager.
Department of Trade and Industry (DTI) Secretary Alfredo Pascual on Wednesday said at least six producers have withdrawn their petitions to raise prices. The U-turn prompted other petitioners to follow suit.
\”There are at least six who have earlier submitted a request for price adjustments,\” Pascual said in a press conference in Makati. \”Naka-influence naman sa iba yun at nagkaron ng consensus na hold off muna until the end of the year.\” [It influenced others and there was a consensus to hold off until the end of the year.]
The list counted makers of bottled water, canned goods, candles, condiments, bread, and toilet soap, trade officials said.
Before the agreement, Pascual met with manufacturers late last month to tackle at least 14 petitions for price adjustments.
Another DTI official, Assistant Secretary Mary Jean Pacheco, said a follow-through meeting with sardine makers is set for Thursday.
De facto price hikes likely as coin shortage prompts rounding-off in retail price
Meanwhile, a shortage in the 1-centavo coin, or \”mamera\” in Tagalog, could force supermarkets and retailers to round off the price tag on their shelves just so there will be no problems with giving exact change.
\”Meron kaming tinitingnan na hindi naman strictly speaking price adjustments kasi iniutos ng Bangko Sentral na i-round off na yung mga prices by 25 centavos,\” Pascual said.
[Translation: We are looking at something that is not strictly speaking price adjustments because the Bangko Sentral ordered the prices to be rounded off by 25 centavos.]
