The Department of Trade and Industry (DTI) has approved price increases for 63 basic goods stock-keeping units (SKUs), set to take effect on February 1, 2025. Trade Secretary Cristina Roque confirmed the decision, stating that out of 217 SKUs under review, 63 will see price adjustments while the prices for 154 will remain unchanged.
Roque emphasized minimal price hikes, with increases below 10 percent. Among the affected items, luncheon meat will see a 5 percent rise, meatloaf prices will increase by 4 percent, evaporated milk will go up by less than 9 percent, and sardines will have a 5 percent increase.
The updated suggested retail price (SRP) list will be published ahead of its February 1 implementation. “We’re giving everybody enough time to move,” Roque stated, highlighting the importance of preparation for both consumers and retailers.
According to Roque, the price adjustments are driven by rising raw material costs. The DTI seeks to balance the interests of consumers and manufacturers, aiming to protect jobs and support business sustainability. “As much as we want to protect consumers, we must also protect manufacturers and businesses because they employ people. We don’t want layoffs; we want growth,” she explained.
Consumers are encouraged to consult the SRP list and compare prices to ensure they are paying fair rates. Roque assured the public that the DTI will closely monitor the pricing of necessities and prime commodities to prevent excessive markups or violations.
The price adjustments are expected to help manufacturers offset the impact of increased production costs while ensuring that essential goods remain available in the market. The DTI reiterated its commitment to fostering a “win-win” situation for both businesses and consumers.
As the new SRPs take effect, the DTI advises consumers to remain vigilant and report any significant deviations from the published list.