The Department of Industry and Industry (DTI) of the Philippines recently announced that starting in January 2024, it will begin reviewing and deciding whether to approve the ** adjustment application for 63 essential goods and major commodities (BNPC). According to Assistant Secretary Amanda Noglales, of the 217 BNPC adjustment requests received, 59 commodities have requested price increases, and the other 4 commodities have also applied for price adjustments but the details are not specified.
These items subject to price increases cover a wide range of daily necessities, including but not limited to canned sardines, processed milk, coffee, bread, instant noodles, bottled water, canned processed meat and beef, condiments, and personal cosmetics such as soaps, candles, and batteries. In the food category, the range of increases required by producers varies widely, with a minimum of P0 per product25 pesos up to p725 pesos.
The reason for this, manufacturers explain, is mainly due to the rising cost of raw materials, a phenomenon that dates back to 2022. In addition, Philippine Secretary Alfredo Pascual highlighted that the increase in packaging materials and transportation costs is also one of the main factors driving goods.
According to Noglales, DTI will review and gradually disclose the price adjustment information in the chronological order in which the application is submitted, with the goal of completing all product** adjustments by the end of the first quarter of 2024 and updating the suggested retail price (SRP) announcement accordingly to ensure market transparency and protect consumer rights.