DTI Speaks Anew: ‘Price Increase on Basic Goods Yet Approved’

DTI Gives Update on Prices of Basic Goods

DTI – The Department of Trade and Industry spoke anew saying that the price increase on basic goods was yet to be approved.

Currently, a lot of households in the Philippines are financially struggling as part of the impacts of the COVID-19 pandemic. Many people lost their jobs amid the crisis and there are several of them who are the breadwinners of their families.

The COVID-19 pandemic demanded a lot from businesses and not all businesses were able to withstand its demands or at least stay afloat. Some had no choice but to shut down leaving a lot of people losing their source of income. Many people struggle to put food on the table.

This is the reason why many people were also alarmed when the Department of Trade and Industry (DTI) recently announced an increase on the basic goods. Many are worried that things will be much harder for them.

DTI on Basic Goods Prices

On the other side, manufacturers also stand in their grounds that raw materials are costly now and they need to increase the prices of basic goods. Recently, the DTI spoke anew on its previous statement.

Based on a report on ABS-CBN News, DTI expressed that the price increase on basic goods was yet to be approved. According to Trade Secretary Ramon Lopez, they are still reviewing the price hike proposed by the manufacturers of basic goods and commodities.

Based on the report, manufacturers claimed that their expenses in their operation increased due to the pandemic. Canned Sardines Association of the Philippines said that the price of herring and the tin can increased aside from the other expenses on the workers.

Lopez expressed that there is still no price increase on basic goods and commodities as the new suggested retail price (SRP) was yet to be published. More updates may be posted soon.

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