Customers purchase goods at a supermarket in Manila om February 16, 2023. Suggested retail prices of a number of basic goods have gone up since February 8, according to the Department of Trade and Industry. Mark Demayo, ABS-CBN News

Gov't eyes replacing SRP on basic goods with new system

Alvin Elchico

ABS-CBN News

<p>MANILA - The government is set to issue a department order that aims to remove the suggested retail price or SRP on basic goods and prime commodities.</p><p>Department of Trade and Industry Assistant Secretary Agaton Uvero said the agency is preparing a department order that will replace the SRP system with a price range system on basic and prime goods.</p><p>There are hundreds of basic goods that have existing SRP set by manufacturers and monitored by the government on a regular basis. Examples are some low end brands of sardines, instant noodles and even pinoy tasty and Pinoy pandesal.</p><p>Uvero says historically speaking, prices of manufactured goods are more stable than agricultural items like rice, meat and vegetables.</p><p>Manufacturers adjust their high end brands in order to recover costs as the DTI does not usually allow increases that often.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/7z55xZqWTwM?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><div><strong>WON&#x27;T PRICES SOAR WITHOUT SRP?<br/></strong></div><p>When asked what happens if prices soar once the SRP is gone, Uvero said the government can always revert back to the SRP regime if manufacturers abuse the system.</p><p>The SRP, he said, can only be implemented during calamities to ensure that retailers do not take advantage of disruptions in supply.</p><p>Meanwhile civil society group Bayan Muna said it is worried that prices of basic goods will spike once the SRP is gone. Bayan Muna official Ferdie Gaite said the government should instead strengthen the SRP system as prices of basic goods rise almost every quarter.</p><div><strong>SUPERMARKETS ASSURE NO DRASTIC SPIKE</strong></div><p>The Philippine Amalgamated Supermarkets Association or PAGASA said the group has long been lobbying to remove the SRP on basic goods and let competition and market forces dictate prices.</p><p>PAGASA Executive Director Steven Cua says manufacturers will not increase prices unnecessarily due to competition. There are a number of players in the industry who will ultimately bring down prices further to attract customers and improve market share, he said.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/h8CdPiSTmvk?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The government is set to issue a department order that aims to remove the suggested retail price or SRP on basic goods and prime commodities.</p>

The government is set to issue a department order that aims to remove the suggested retail price or SRP on basic goods and prime commodities.

Gov't eyes replacing SRP on basic goods with new system | ABS-CBN

Entertainment

News

Metro.Style

Sports

More

Business

Gov't eyes replacing SRP on basic goods with new system

Gov't eyes replacing SRP on basic goods with new system

Alvin Elchico,

ABS-CBN News

Published Oct 29, 2024 01:45 PM PHT

Read More:

ABSNews

SRP

suggested retail price

basic goods

basic commodities

DTI

price control

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

Terms of Service

Advertise with Us

© 2024 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Advertise with Us

Privacy Policy

Terms of Service

© 2024 ABS-CBN Corporation. All Rights Reserved.