Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Investing News

Supermarkets see goods not subject to price controls becoming more expensive

by
July 17, 2022
in Investing News
0
Supermarkets see goods not subject to price controls becoming more expensive
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter
A woman buys grocewries at a supermarket in Quezon City, March 4. — PHILIPPINE STAR/ MICHAEL VARCAS

SUPERMARKETS said prices are rising for goods not subject to government price ceilings.

Steven T. Cua, Philippine Amalgamated Supermarkets Association, Inc. president, said such price behavior has been observed in grocery items not covered by the suggested retail price scheme.

“Prices continue to surge for (grocery) items not monitored by the Department of Trade and Industry (DTI). These products belong to all categories especially if imported, repacked, or re-canned but manufactured abroad such as bread spreads and luncheon meat,” Mr. Cua told BusinessWorld via mobile phone.  

“(The) increases would range from 5% to 10% for local goods and 12% to 25% for imported items during the last few months. This is due to the cost of bringing in imported raw materials, intermediate goods which need repacking or processing, and finished goods,” he added.

Under Republic Act No. 7581 or the Price Act, the DTI issues suggested retail prices (SRPs) for basic necessities and prime commodities that it monitors.

The DTI defines basic necessities as products deemed important to the needs of consumers for their sustenance, while prime commodities are products not considered basic necessities but otherwise deemed essential. 

Some of the basic necessities covered by the DTI include bread, canned fish, detergent, processed milk, and locally manufactured instant noodles, while prime commodities include flour, toilet soap, vinegar, and soy sauce.  

The latest SRP bulletin was issued in May, which reflected price increases ranging from 2% to 10% for 82 stock keeping units (SKUs) such as bread and coffee, while 136 SKU prices were maintained.

On July 12, the DTI said that the current price hike petitions by makers of canned meat, coffee, bread, and detergent are in the final review stages and may take a few more weeks before obtaining approval.

It added that the proposed price increases were caused by rising input costs, which are thus far being absorbed by manufacturers.

“It could take us probably a couple of weeks for us to complete and submit our recommendation for approval, and another couple of weeks probably for the Secretary to approve and for us to (move to) publication,” Trade Undersecretary Ruth B. Castelo said.

Meanwhile, Mr. Cua said foot traffic in supermarkets has increased despite the new surge in coronavirus disease 2019 (COVID-19) cases. 

“There is a need for continuous urging of the population to get their COVID-19 booster shots,” Mr. Cua added.

On Saturday, the Health department announced that there were 2,578 new COVID-19 cases, bringing the country’s case count to 3,730,545. — Revin Mikhael D. Ochave

ShareTweetPin

Related Posts

Stocks decline on profit taking, recession fears
Investing News

Stocks decline on profit taking, recession fears

August 23, 2022
Peso climbs vs dollar as RTB offer starts
Investing News

Peso climbs vs dollar as RTB offer starts

August 23, 2022
PNR cancels bids for 3 projects after finding them ‘non-feasible’
Investing News

PNR cancels bids for 3 projects after finding them ‘non-feasible’

August 23, 2022
Senate grills Rodriguez on approval procedures for sugar import order
Investing News

Senate grills Rodriguez on approval procedures for sugar import order

August 23, 2022
Trade dep’t expecting sugar price monitoring report by Friday
Investing News

Trade dep’t expecting sugar price monitoring report by Friday

August 23, 2022
Fisherfolk seek halt to reclamation on municipal fisheries
Investing News

Fisherfolk seek halt to reclamation on municipal fisheries

August 23, 2022
Next Post
EV production to hinge on vehicle takeup levels

EV production to hinge on vehicle takeup levels

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

Stocks decline on profit taking, recession fears

Stocks decline on profit taking, recession fears

August 23, 2022
BSP expected to hike rate to 4.5% by end-2022

BSP expected to hike rate to 4.5% by end-2022

August 22, 2022
More Chinese women delay or give up on having babies after zero-COVID ordeal

More Chinese women delay or give up on having babies after zero-COVID ordeal

August 9, 2022
New BCDA president is first woman head

New BCDA president is first woman head

August 14, 2022
MPTC still keen on CTBEX, NLEX-Cavitex Port link

MPTC still keen on CTBEX, NLEX-Cavitex Port link

July 17, 2022
UK sees biggest rise in foreign workers since COVID-19 pandemic

UK sees biggest rise in foreign workers since COVID-19 pandemic

August 17, 2022
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.