The agency did not announce by how much the goods were allowed to increase. Although DTI Consumer Protection Group (CPG) Undersecretary Ruth Castelo mentioned that they only allowed price increases from three to six percent. In special cases, they would allow up to 10 percent.
67 stock-keeping units (SKUs) were approved to raise Suggested Retail Prices (SRPs).
Castelo mentioned that price hikes were done “depending on the needs of the manufacturers” and had to be justified.
“We don’t do it [price hikes] regularly, but depending on the needs of the manufacturers if it is really needed to increase prices,” she said.
This approval comes just days after the Philippine Statistics Authority (PSA) announced the July 2022 inflation of 6.4 percent. The recent headline inflation urged multi-sectoral progressive alliance Bagong Alyansang Makabayan (BAYAN) to call on President Ferdinand Marcos Jr. to suspend oil taxes.
“We reiterate our call to suspend taxes on oil products so that fuel prices will go down and the entire economy will benefit,” BAYAN secretary-general Renato Reyes said. “The government has reaped windfall revenues from the misery of our people. It is time for government to make a ‘sacrifice’ and suspend the collection of excise tax or VAT on oil products.”
The PSA, in July, showed that among all commodity groups, the prices of transport, alcoholic beverages and tobacco, and food and non-alcoholic beverages grew the fastest since January – roughly a month before Russia invaded Ukraine.
The “all items” commodity group, meanwhile, grew by 3.13 percent. This simply means that all prices in the market generally increased by 3.13 percent. If a basket of goods in the market was represented by P100, that basket now costs P103.13.
Mark Ernest Famatigan is a news writer who focuses on Philippine politics. He is an advocate for press freedom and regularly follows developments in the Philippine economy. The views expressed are his own.
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