THE Department of Trade and Industry (DTI) said it has approved price increases for some canned goods which are subject to price controls.
Trade Secretary Ramon M. Lopez said the appeals of at least five food producers resulted in increases of 1.5 to 2%.
He added that the new suggested retail prices for three sardine brands and two corned beef brands will reflect the change this month.
“The requests were reasonable based on the cost of fish and canning material,” Trade Secretary Ramon M. Lopez told reporters Tuesday adding that the source of higher costs is mainly the price of global commodities.
“It’s still the world prices, which have yet to stabilize,” Mr. Lopez added.
Mr. Lopez noted that many companies have not yet resorted to raising prices.
“The others have chosen to absorb the higher costs to gain market share,” he added.
He said manufacturers of domestically sourced food can use the situation to expand their sales.
“Consumers have an option to buy cheaper goods, which is why some sellers will have second thoughts about raising prices,” Mr. Lopez added.
He said the latest price monitoring survey conducted by the DTI indicates that prices of 80% of products are stable. — Janina C. Lim